A WestRock executive soon will take the helm as CEO at SEE, the company formerly known as Sealed Air.
Patrick Kivits, WestRock’s president of corrugated packaging, will assume his new position at SEE on July 1, according to a SEE news release issued after markets closed on Thursday. He will also become a member of SEE’s board of directors. Kivits gave notice at WestRock on June 7, and his last day there will be June 21, according to a WestRock securities filing issued just before SEE’s announcement.
Kivits’ base salary will be $1.1 million, and he’ll receive a $3.5 million signing bonus, according to a securities filing. He is eligible for other annual bonuses and restricted stock unit awards.
Kivits was slated to keep his position after WestRock and Smurfit Kappa combine to become Smurfit WestRock, a deal now scheduled to close on July 5. In that position he led sales and operations for the company's corrugated packaging and distribution businesses, which reported revenue of more than $10 billion annually. Kivits joined WestRock in 2019; prior to his most recent role he served as president of WestRock’s multi-packaging solutions business and leader of the global consumer packaging business. Before WestRock, Kivits was senior vice president of Europe, the Middle East and Africa and global packaging adhesives for chemical manufacturer H.B. Fuller.
SEE announced in October that its president and CEO, Ted Doheny, had stepped down. CFO Dustin Semach and Chief Operating Officer Emile Chammas have been serving as interim co-CEOs since then. Both will remain with the company when Kivits joins; Chammas will still be COO and Semach will be elevated to president and CFO.
"I am excited to join SEE at this pivotal time and look forward to partnering with Emile and Dustin to continue SEE's transformational journey to drive long-term sustainable growth and further solidify our positions in the markets we serve with our world-class Food and Protective packaging businesses,” Kivits said in a statement.
SEE executives reported during the February earnings release that the company was “rightsizing” certain operations while conducting its CEO search. It announced numerous closures in recent months as part of a three-year restructuring plan unveiled in August. SEE’s net sales and net earnings both were down in 2023, by 3% and 31%, respectively.
SEE was among numerous packaging companies to announce CEO departures over the past year. Other companies include Amcor, Avery Dennison, Berry Global, Cascades, DS Smith, International Paper, O-I Glass and Stora Enso.
