Business Context and Reporting Period
This Form 8-K Current Report was filed by Avery Dennison Corporation on February 26, 2019. The filing addresses corporate governance changes regarding the Board of Directors effective for the 2019 annual meeting of stockholders scheduled for April 25, 2019.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on management transitions and does not contain financial statement data.
Material Changes
- Departure of Chairman: Dean A. Scarborough, current Chairman of the Board, notified the Board on February 26, 2019, of his decision not to stand for reelection at the 2019 Annual Meeting to focus on other endeavors. The filing states this decision was not the result of any disagreement with the Company.
- Appointment of New Chairman: On February 28, 2019, the Board elected Mitchell R. Butier, the Company's President and Chief Executive Officer, to serve as Chairman of the Board following the Annual Meeting, subject to his reelection.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, or discussion of risks and contingencies. The transition in leadership is described as a planned succession to allow the outgoing Chairman to pursue other endeavors.
Key Facts for Investor Verification
- Dean A. Scarborough will step down as Chairman of the Board after the April 25, 2019, Annual Meeting.
- Mitchell R. Butier (current CEO) is designated to succeed Scarborough as Chairman.
- The leadership change is voluntary and not indicative of internal conflict.
- Investors should verify the final election results at the April 25, 2019, Annual Meeting.