UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): August 15, 2023
(Exact Name of Registrant as Specified in Its Charter)
(Commission File Number)
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(State or Other Jurisdiction of Incorporation)
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(I.R.S. Employer Identification No.)
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(Address of principal executive offices, including zip code)
(812 ) 424-2904
(Registrant’s telephone number, including area code)
NOT APPLICABLE
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading
Symbol(s)
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Name of each exchange on which registered
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act
of 1934 (§240.12b-2 of this chapter):
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 8.01. Other Events.
On August 15, 2023, Berry Global Group, Inc. (the “Company”) issued a press
release announcing that the Company’s Board of Directors elected Kevin Kwilinski as Chief Executive Officer of the Company, effective October 2, 2023 (the “Transition Date”) and that, concurrent with Mr. Kwilinksi’s appointment as Chief
Executive Officer and also effective on the Transition Date, Tom Salmon will retire from his roles as Chairman and Chief Executive Officer and remain with the Company through the end of the calendar year in an advisory capacity to ensure a smooth
transition. In connection with the transition, the Board has elected Stephen Sterrett, current Lead Independent Director, to serve as Chairman of the Board, also
effective on the Transition Date. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
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Exhibit
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Description
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104
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Cover Page Interactive Data File (embedded within the Inline XBRL document).
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
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BERRY GLOBAL GROUP, INC.
(Registrant)
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Dated: August 15, 2023
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By:
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/s/ Jason K. Greene |
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Jason K. Greene |
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Executive Vice President, Chief Legal Officer and Secretary |
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EXHIBIT 99.1
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News Release
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Berry Global Appoints Kevin Kwilinski as Chief Executive Officer
Tom Salmon to Remain in Advisory Role Through Year-End
Stephen Sterrett, Lead Independent Director, Named Chairman of the Board
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Kevin Kwilinski
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Stephen Sterrett
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EVANSVILLE, Ind. – [August 15, 2023] – Berry Global
Group, Inc. (NYSE: BERY) (“Berry” or the “Company”), a leading supplier of packaging solutions for consumer goods and industrial products, today announced that its Board of Directors (the “Board”) has unanimously elected Kevin Kwilinski as Chief
Executive Officer of Berry, effective October 2, 2023. In connection with this appointment, the Board has elected Stephen Sterrett, Lead Independent Director, as Chairman of the Board, also effective on October 2, 2023. As previously announced in
February 2023, Tom Salmon will retire from his roles as CEO and Chairman, and he will remain with the Company through the end of the calendar year in an advisory capacity to ensure a smooth transition.
Mr. Kwilinski brings to Berry nearly three decades of experience in the packaging industry and a track record of driving operational excellence, expanding
margins and managing complex global operations. He currently serves as President and CEO of Multi-Color Corporation, a global provider of label solutions, where he successfully led and integrated multiple acquisitions, resulting in significant EBITDA
and revenue growth while delivering above target commercial and operational synergies. Prior to that, he served as CEO of Fort Dearborn Company, a leading supplier of decorative labels for the beverage, food, household products, nutraceutical, paint
and coatings sectors, which merged with Multi-Color in July 2021 with the backing of private equity firm Clayton, Dubilier & Rice. Mr. Kwilinski previously served as CEO of Paperworks Industries, where he guided the company’s growth by supporting
an aggressive go-to-market strategy and simultaneously implemented continuous improvement processes that resulted in significant improvement in product quality, customer service levels and customer satisfaction.
“Following a comprehensive search process, the Board determined that Kevin is the ideal individual to guide Berry through its next phase of growth and value
creation,” Mr. Sterrett said. “Kevin is a proven leader who knows our industry well. He has spent the last 15 years serving as the CEO of companies within the packaging space and, as an Indiana native, he understands the importance of Berry Global to
the State. Kevin will be a great leader because he shares Berry’s values of teamwork, customer-focus and excellence, and his performance-driven leadership style directly aligns with Berry’s culture. He has distinguished himself over the course of his
career as a disciplined operator with a focus on revenue growth and cost management. We are confident that he will be an outstanding CEO with the skills necessary to achieve our strategic objectives and accelerate shareholder value.”
Mr. Kwilinski said, “I am excited to join Berry, a company with a proud 56-year history and a reputation for excellence in the packaging industry. What
attracted me to Berry is its ability to support customers at every stage of the product development process and deliver the most innovative solutions in the market. The efforts that Tom and the team have made over the last several years to pivot
Berry’s portfolio into higher-growth markets, including food service, health and beauty, dispensing and pharmaceuticals, have created a strong foundation for future growth, and I am eager to capitalize on the opportunities ahead. I look forward to
working alongside the Board, Berry’s management and the global team to lead the Company toward realizing its strategic value to benefit all our stakeholders.”
Mr. Sterrett concluded, “On behalf of the entire Board, I thank Tom for his leadership and look forward to continuing to benefit from his strategic guidance for
the remainder of the year. Since first joining Berry nearly 20 years ago, he has been instrumental to the Company’s growth, and we wish him well in his retirement.”
Mr. Salmon said, "It has been a privilege to lead Berry’s talented employees as CEO for the past six years, and I am extremely proud of the many accomplishments
achieved by the Berry team during my tenure. The Board and I have full confidence in Kevin and in his ability to join with the rest of the leadership team to take the Company forward into its next chapter."
About Kevin Kwilinski
Mr. Kwilinski has nearly 30 years of experience in the packaging industry, serving as the CEO of multiple companies within the space over the last 15 years. He
currently serves as President and CEO of Multi-Color Corporation, where he successfully led and integrated multiple acquisitions, resulting in significant EBITDA and revenue growth while delivering above target commercial and operational synergies.
Prior to that, he served as CEO of Fort Dearborn Company, which merged with Multi-Color in July 2021 with the backing of private equity firm Clayton, Dubilier & Rice. Mr. Kwilinski previously served as CEO of Paperworks Industries, where he guided
the company’s growth by supporting an aggressive go-to-market strategy and simultaneously implemented continuous improvement processes that resulted in significant improvement in product quality, customer service levels and customer satisfaction. Mr.
Kwilinski’s first packaging CEO role began in 2009 at closure and container manufacturer Portola Packaging, where he successfully led the execution of a substantial value creation plan culminating in the sale of the business to Silgan Holdings. Prior
to that, he spent 12 years at Graphic Packaging, where he served in number of positions across the organization.
Mr. Kwilinski holds a Bachelor’s degree in Physics and Mathematics from Greenville College and a Master’s degree in Industrial and Operations Engineering from
the University of Michigan.
About Berry
At Berry Global Group, Inc. (NYSE:BERY), we create packaging and engineered products that we believe make life better for people and the planet. We do this
every day by leveraging our unmatched global capabilities, sustainability leadership, and deep innovation expertise to serve customers of all sizes around the world. Harnessing the strength in our diversity and industry leading talent of 46,000 global
employees across more than 250 locations, we partner with customers to develop, design, and manufacture innovative products with an eye toward the circular economy. For more information, visit our website, or connect with us on LinkedIn or Twitter.
(BERY-F)
Investor Contact:
Dustin Stilwell
+1 812.306.2964
ir@berryglobal.com
Media Contact:
Amy Waterman
+1 812.306.2435
amywaterman@berryglobal.com