Avery Dennison Corp. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Avery Dennison Corporation on February 24, 2020, with the earliest event reported on that same date. The filing addresses corporate governance changes regarding the Board of Directors ahead of the 2020 Annual Meeting of Stockholders scheduled for April 23, 2020.
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 corporate governance and does not contain financial performance data.
Material Changes
The primary material change reported is the departure of David E. I. Pyott as Lead Independent Director. Mr. Pyott notified the Board of his decision not to stand for reelection to focus on other endeavors. The filing explicitly states this decision was not the result of any disagreement with the Company.
Outlook and Management Commentary
- Leadership Succession: On February 27, 2020, the independent directors selected Patrick T. Siewert to serve as the new Lead Independent Director following the Annual Meeting, subject to reelection.
- Board Chair: The Board elected Mitchell R. Butier to continue serving as Chairman of the Board following the Annual Meeting, subject to reelection.
- Risks and Contingencies: No specific financial risks or contingencies were disclosed in this filing.
Key Facts for Investor Verification
- David E. I. Pyott will not seek reelection as Lead Independent Director at the April 23, 2020 Annual Meeting.
- Patrick T. Siewert has been selected to succeed Mr. Pyott as Lead Independent Director.
- Mitchell R. Butier will continue as Chairman of the Board.
- The leadership changes are effective following the 2020 Annual Meeting.