Dive Brief:

• SEE, the company formerly known as Sealed Air, announced after market close Monday that president, CEO and board member Ted Doheny has stepped down from all of those roles, effective immediately.
• SVP and Chief Growth and Strategy Officer Sergio Pupkin will also leave the company at the end of this year.
• The company is conducting an internal and external search to identify its next CEO. In the meantime, CFO Dustin Semach, who joined the company in April, and Chief Operating Officer Emile Chammas, who has been with the company for more than a decade, will also serve as co-CEOs and co-presidents.

Dive Insight:

In the same year it announced major rebranding and restructuring initiatives, SEE is undertaking key leadership transitions.

“While SEE has made progress expanding its portfolio, digitizing its global network, and driving operational efficiencies, the Board recognizes there is more work to position SEE for long-term profitable growth,” Board Chairman Henry Keizer said in Monday’s announcement. “Transitioning SEE’s leadership at this time will enable SEE to better navigate the market ahead of us and maximize value for our shareholders.”

Doheny’s tenure lasted around six years. The ex-CEO will stay on, likely for 90 days, in an advisory capacity during the transition.

A little over a year ago, SEE’s board extended Doheny’s contract through 2027. In that Aug. 31, 2022, announcement, the company noted revenue and earnings growth under Doheny’s watch. “SEE has a bright future ahead of it. I’m grateful to serve as CEO for another five years and for the opportunity to continue to lead our talented people to reach our vision,” Doheny said at the time.

“Over the past five years, Ted has architected our purpose-driven transformation and energized our growth during one of the most challenging times in the company’s history. We are confident that Ted is the right leader to continue to successfully advance our long-term strategy and accomplish our vision,” Keizer said in the same announcement.

In August, SEE launched a cost reduction program it hopes will result in $140 million to $160 million in annual savings. The interim leaders will accelerate that program, co-CEO Chammas said in the Monday statement. It’s part of SEE’s broader strategy to expand automation across operations, grow its fluids and liquids business and advance digital printing and services. The new leaders also referenced portfolio optimization efforts.

In Monday’s announcement, the company reaffirmed its full year 2023 guidance for net sales between $5.4 billion and $5.6 billion. It had lowered those expectations following second quarter results, from a previous target between $5.85 billion and $6.1 billion. The company will report third quarter results on Nov. 2.