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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): May 23, 2022

 

 

 

SONOCO PRODUCTS COMPANY

(Exact name of registrant as specified in charter)

 

 

 

South Carolina 001-11261 57-0248420
(State or other jurisdiction of
incorporation)		 (Commission File Number) (IRS Employer Identification No.)

 

1 N. Second St.

Hartsville, South Carolina 29550

(Address of principal executive offices) (Zip Code)

 

(843) 383-7000

(Registrant’s telephone number, including area code)

(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 (see General Instruction A.2. below):

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class Trading Symbol(s) Name of each exchange on which
registered
No par value common stock SON New York Stock Exchange LLC

 

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 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

 

(b) Departure of Chief Financial Officer.

 

On May 23, 2022, Sonoco Products Company (the “Company”) and Julie C. Albrecht, the Company’s Vice President and Chief Financial Officer, agreed to a separation effective as of June 30, 2022. Ms. Albrecht has agreed to stay through such date in order to facilitate a smooth and orderly transition of her responsibilities. The Company has begun a retained search of internal and external candidates for a successor. Ms. Albrecht’s departure is not a result of any disagreement with the Company or its Board of Directors relating to the Company’s operations, policies or practices or any issues regarding its accounting policies or practices. In conjunction with her departure from the Company, it is anticipated that the Company and Ms. Albrecht will enter into a written separation agreement providing for certain severance payments and benefits, the receipt of which will be subject to her execution and non-revocation of a general release of claims in favor of the Company.

 

Item 7.01Regulation FD Disclosure.

 

On May 25, 2022, the Company issued a press release announcing the departure of Ms. Albrecht as described herein. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

 

The information furnished pursuant to Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1 hereto, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section, and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in such filing.

 

Item 9.01Financial Statements and Exhibits.

 

(d) Exhibits.

 

99.1 Press Release of Sonoco Products Company, dated May 25, 2022.
   
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 

 

 

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 hereunto duly authorized.

 

  SONOCO PRODUCTS COMPANY
     
Date: May 25, 2022 By: /s/ R. Howard Coker
    Name:   R. Howard Coker
    Title: President and Chief Executive Officer

 

 

 

Exhibit 99.1

 

 

May 25, 2022 Contact:

Lisa Weeks

   

+843-383-7524

    lisa.weeks@sonoco.com

 

 

Sonoco Announces Transition of Chief Financial Officer

 

HARTSVILLE, S.C., U.S. – Sonoco (NYSE: SON), one of the largest sustainable global packaging companies, today announced that Julie Albrecht, who has served as Vice President and Chief Financial Officer since March 2019, will be departing the Company on June 30, 2022. Albrecht will remain in the CFO role through that date to ensure a smooth and orderly transition of responsibilities. Her successor will be the subject of a future announcement as the Company is undergoing a retained search of internal and external candidates.

 

Albrecht joined Sonoco in March 2017 as Corporate Vice President, Treasurer and Assistant CFO holding responsibility for Sonoco’s treasury, tax and risk management functions. As CFO, she has been instrumental in the Company’s activities to improve cash flow generation, de-risk and annuitize the Company’s domestic defined pension plans and finance more than $2 billion in strategic acquisitions.

 

“Julie has brought a focus on developing strong finance talent, leading diversity and inclusion initiatives, driving a process improvement culture in finance and building strategic alignment between the CFO position and senior leadership within Sonoco,” said Howard Coker, President and CEO. “She will be missed, and I wish her all the best in her future personal and professional endeavors.”

 

Albrecht is a finance professional with more than 30 years of diverse experiences. She is graduate of Wake Forest University with a B.S. in Accounting. She spent four years in audit with PricewaterhouseCoopers where she obtained her Certified Public Accountant license. In 1996, Albrecht joined Coltec Industries where she worked in various finance roles for almost 19 years after Coltec was acquired by Goodrich Corporation, which was then acquired by United Technologies. In March 2015, she became VP, Finance, Investor Relations and Treasurer at Esterline Technologies, a $2 billion global aerospace company.

 

About Sonoco

Founded in 1899, Sonoco (NYSE: SON) is a global provider of consumer, industrial, healthcare and protective packaging. With net sales of approximately $5.6 billion in 2021, the Company has approximately 22,000 employees working in more than 300 operations in 32 countries, serving some of the world’s best-known brands in some 85 nations. Sonoco is committed to creating sustainable products, services and programs for its customers, employees and communities that support our corporate purpose of Better Packaging. Better Life. The Company ranked first in the Packaging sector on Fortune’s World’s Most Admired Companies for 2022 as well as being included in Barron’s 100 Most Sustainable Companies for the third consecutive year. For more information, visit www.sonoco.com.

 

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1 North Second Street
Hartsville, S.C. 29550 USA
www.sonoco.com