Avery Dennison Corp. 8-K Summary
Business Context and Reporting Period
This Form 8-K Current Report was filed by Avery Dennison Corporation on July 24, 2023. The filing addresses corporate governance and management changes, specifically the departure of a senior executive and the appointment of a successor.
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: Lori Bondar, Vice President, Controller, Chief Accounting Officer, and Treasurer, notified the company of her retirement effective September 4, 2023. She joined the company in 2008 and held her current position since February 2020.
- Appointment: The Board of Directors elected Divina Santiago as Vice President, Controller, effective August 14, 2023. She will serve as the principal accounting officer starting September 5, 2023.
- Compensation: Ms. Santiago's approved compensation package includes an annual base salary of $325,000, a target Annual Incentive Plan opportunity of 40% of base salary, and a target long-term incentive opportunity of 60% of base salary. She also receives an annual executive benefit allowance of $40,000.
Guidance, Outlook, and Risks
The filing does not contain guidance, outlook, management commentary on financial performance, or specific risk factors beyond the standard succession process. The transition is described as a planned succession process.
Investor Verification Checklist
- Verify the effective dates for the departure of Lori Bondar (September 4, 2023) and the appointment of Divina Santiago (August 14, 2023 for VP role; September 5, 2023 for principal accounting officer).
- Review the 2023 Proxy Statement (filed March 9, 2023) for details on the executive severance plan and savings/deferred compensation plans referenced in Ms. Santiago's package.
- Confirm the continuity of financial reporting and SOX compliance during the transition period between the two officers.