Berry Global CEO set to retire
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Evansville-based Berry Global Group Inc. (NYSE: BERY) announced Thursday that Chief Executive Officer Tom Salmon will retire at the end of 2023, while also reporting the company’s first quarter earnings. The plastics manufacturer recorded Q1 net income of $106 million, compared to $121 million during the same period a year ago.
Salmon joined the company in 2007. In October 2016, he assumed the role of president and chief operating officer. In February 2017, Salmon was promoted to CEO.
“Under Tom’s outstanding leadership, Berry has achieved record results, established the industry’s most diversified and expansive manufacturing footprint, bolstered our portfolio with sustainability-focused investments in emerging markets, and consistently delivered for customers,” said Berry Lead Independent Director Stephen Sterrett. “We look forward to Tom’s continued leadership in the year ahead and fully expect a seamless transition.”
Salmon will retire as CEO and chairman of the board effective December 31. The board has engaged Spencer Stuart, an executive search firm, to assist with the search for Salmon’s successor.
The company says profits declined compared to the same quarter a year ago. Salmon said an operating income decrease of 8% was due to a softer market and an unfavorable impact from foreign currency.
Still, he says the business delivered “solid” first quarter results.
“Our business model has proven resilient, including one of the broadest portfolios of packaging solutions with strong, dependable, and stable cash flows to allow us the flexibility to drive strong returns for our shareholders. We will continue our focus on cost reduction efforts while also driving strong cost benefits through efficiencies and asset optimization throughout our global footprint to offset any demand challenges from the current dynamic global economies.”
Click here to access the earnings report.