Avery Dennison Corp. 8-K Summary
Business Context and Reporting Period
This Form 8-K Current Report was filed by Avery Dennison Corporation on November 14, 2024. The filing addresses a significant change in corporate governance and management regarding the Company's principal financial officer.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity metrics. This report focuses exclusively on personnel changes and does not contain financial performance data.
Material Changes
- Departure of CFO: Gregory S. Lovins, Senior Vice President and Chief Financial Officer, began a medical leave of absence on November 14, 2024, and ceased serving as the principal financial officer on that date.
- Appointment of Interim CFO: The Board of Directors elected Danny G. Allouche as Senior Vice President and Interim Chief Financial Officer, effective November 15, 2024.
- Role Continuity: Mr. Allouche will retain his existing role as Chief Strategy and Corporate Development Officer while assuming interim financial duties.
Management Commentary and Compensation
The Board's Talent and Compensation Committee approved an unchanged compensation package for Mr. Allouche in connection with his interim appointment, noting that the duration of the interim role is unknown and the annual executive compensation review is scheduled in three months. His compensation includes:
- Annual base salary: ILS 1,680,000 (approximately $450,000).
- Target Annual Incentive Plan opportunity: 50%.
- Target annual long-term incentive opportunity: 120%.
- Eligibility to participate in the Company's executive severance plan as described in the 2024 Proxy Statement.
Investor Verification Checklist
- Verify the expected duration of Gregory S. Lovins' medical leave and the timeline for a permanent CFO appointment.
- Review Mr. Allouche's track record in financial oversight, given his primary background in strategy and corporate development.
- Confirm that no other undisclosed financial or operational risks are associated with the leadership transition.
- Monitor upcoming quarterly earnings calls for updates on the interim CFO's performance and strategic direction.