ZURICH, March 19,
2024 /PRNewswire/ -- Amcor (NYSE: AMCR; ASX:
AMC), a global leader in developing and producing responsible
packaging solutions, announced today that after nine years as Chief
Executive Officer (CEO), Ron Delia
has informed the Board of Directors of his decision to retire from
the Company and step down from the Board for health reasons,
effective April 15, 2024.
The Board has appointed Peter
Konieczny, Amcor's current Chief Commercial Officer and a
long-standing member of the Company's Global Management Team, as
Interim CEO. Mr. Delia will provide continued support in an
advisory role until September 30,
2024, to facilitate the transition. The Board is conducting
a thorough search process to identify a permanent successor for the
CEO role, which will include internal and external
candidates.
Amcor Chairman, Mr. Graeme
Liebelt said: "On behalf of the Board, we thank Ron for his
outstanding leadership and dedication to the Company and our people
during his more than 18 years of service. Under Ron's leadership,
Amcor has added billions of dollars in annual revenues,
successfully completed the transformational Bemis acquisition,
strengthened its global leadership positions in key markets and
consistently led the industry by embedding sustainability into its
operating and strategic agenda. The Company has made great
progress during Ron's nine years as CEO and he has been
instrumental in building a much stronger, safer, more profitable
and more sustainable foundation for our future. We understand and
support his decision and wish him the very best."
Mr. Delia said: "It has been a privilege to serve as Amcor CEO
for the last nine years and to work alongside such a
committed, talented and experienced team. Together, we have created
a stronger global packaging leader and laid the foundations for an
exciting future as the business has substantial potential and is
building near-term momentum. I have complete confidence in the
strength and capabilities of Amcor's leadership team, and Peter
will do an outstanding job as Interim CEO during the transition
period. I would like to thank my Amcor colleagues around the
world and the Board of Directors for many years of invaluable
collaboration and support."
Mr. Liebelt said: "Amcor has a talented management team with
deep knowledge of the business, industry experience and strong
leadership capabilities. Peter has been a key member of the
Company's leadership team and a thought partner to Ron for many
years. He has helped guide Amcor's strategy with his extensive
industry expertise, sound judgement and leadership in both
operational and functional roles. He is an exceptionally talented
and respected professional who has led global businesses and, as
Chief Commercial Officer, has been responsible for our
sustainability and innovation agendas. The Board is confident Peter
is the right person to lead Amcor during the transition."
Fiscal 2024 guidance reaffirmed
The Company reaffirms fiscal 2024 guidance as announced in its
second quarter and half year 2024 earnings release on February 6, 2024. For the twelve-month period
ending June 30, 2024, the Company
continues to expect:
- Adjusted EPS of 67 to 71 cents
per share, which includes:
- Comparable constant currency earnings made up of underlying
business performance down low-single digit % to up low-single digit
%, a benefit of approximately 2% from share repurchases, and a
negative impact of approximately 6% related to higher estimated net
interest and tax expense;
- A negative impact of approximately 3% related to the sale of
the Company's Russian business on December
23, 2022; and
- A benefit of up to 2% related to currency translation, assuming
current rates prevail through the balance of fiscal 2024.
- In comparable constant currency terms, the Company expects
third-quarter adjusted EPS to be mid-single digit % lower compared
to the third quarter of fiscal 2023, and fourth quarter adjusted
EPS to be up mid-single digit % higher than the fourth quarter of
fiscal 2023.
- Adjusted Free Cash Flow of approximately $850 million to $950
million, representing solid growth over fiscal 2023.
- Approximately $70 million of cash
to be allocated towards share repurchases as part of the program
previously announced in fiscal 2023.
Amcor's guidance contemplates a range of factors which create a
degree of uncertainty and complexity when estimating future
financial results. Further information can be found under
'Cautionary Statement Regarding Forward-Looking Statements' in this
release.
About Peter Konieczny
Mr. Konieczny has been a member of the Amcor Global Management
Team since 2010 and was appointed Chief Commercial Officer in
September 2020. Mr. Konieczny is
based in Zurich, Switzerland, and
in his Chief Commercial Officer role, has oversight of global
category and product management, Sustainability, R&D and
Procurement and maintains oversight of the Amcor Flexibles Latin
America business. He also served as President, Amcor Flexibles,
Europe, Middle East & Africa and Latin
America between 2019 and 2020, President, Amcor Flexibles
Europe, Middle East &
Africa between 2015 and 2019, and
President, Amcor Specialty Cartons between 2010 and 2015. Prior to
Amcor, he had five years of experience in the packaging industry as
President of Silgan White Cap, a global organization specializing
in metal and plastic closures for the food and beverage industries.
He held business group Managing Director and Chief Finance Officer
positions in the heavy industrial equipment industry and has been a
management consultant with McKinsey & Company.
About Amcor
Amcor is a global leader in developing and producing responsible
packaging solutions across a variety of materials for food,
beverage, pharmaceutical, medical, home and personal-care, and
other products. Amcor works with leading companies around the world
to protect their products and the people who rely on them,
differentiate brands, and improve supply chains through a range of
flexible and rigid packaging, specialty cartons, closures, and
services. The company is focused on making packaging that is
increasingly lighter weight, recyclable and reusable, and made
using an increasing amount of recycled content. In fiscal year
2023, 41,000 Amcor people generated $14.7
billion in annual sales from operations that span 218
locations in 41 countries. NYSE: AMCR; ASX: AMC
www.amcor.com I LinkedIn I YouTube
Cautionary Statement Regarding Forward-Looking
Statements
This document contains certain statements that are
"forward-looking statements" within the meaning of the safe harbor
provisions of the U.S. Private Securities Litigation Reform Act of
1995. Forward-looking statements are generally identified with
words like "believe," "expect," "target," "project," "may,"
"could," "would," "approximately," "possible," "will," "should,"
"intend," "plan," "anticipate," "commit," "estimate," "potential,"
"ambitions," "outlook," or "continue," the negative of these words,
other terms of similar meaning, or the use of future dates. Such
statements are based on the current expectations of the management
of Amcor and are qualified by the inherent risks and uncertainties
surrounding future expectations generally. Actual results could
differ materially from those currently anticipated due to a number
of risks and uncertainties. Neither Amcor nor any of its respective
directors, executive officers, or advisors provide any
representation, assurance, or guarantee that the occurrence of the
events expressed or implied in any forward-looking statements will
actually occur. Risks and uncertainties that could cause actual
results to differ from expectations include, but are not limited
to: changes in consumer demand patterns and customer requirements;
the loss of key customers, a reduction in production requirements
of key customers; significant competition in the industries and
regions in which Amcor operates; failure by Amcor to expand its
business; challenging current and future global economic
conditions, including the Russia-Ukraine conflict and inflation; impact of
operating internationally; price fluctuations or shortages in the
availability of raw materials, energy, and other inputs;
disruptions to production, supply, and commercial risks, including
counterparty credit risks, which may be exacerbated in times of
economic volatility; pandemics, epidemics, or other disease
outbreaks; an inability to attract and retain our global executive
management team and our skilled workforce; costs and liabilities
related to environment, health, and safety ("EHS") laws and
regulations as well as changes in the global climate; labor
disputes and an inability to renew collective bargaining agreements
at acceptable terms; risks related to climate change; cybersecurity
risks; failures or disruptions in information technology systems;
rising interest rates; a significant increase in indebtedness or a
downgrade in the credit rating; foreign exchange rate risk; a
significant write-down of goodwill and/or other intangible assets;
a failure to maintain an effective system of internal control over
financial reporting; inability of Amcor's insurance policies to
provide adequate protections; challenges to or the loss of
intellectual property rights; litigation, including product
liability claims or regulatory developments; increasing scrutiny
and changing expectations from investors, customers, and
governments with respect to Amcor's Environmental, Social and
Governance practices and commitments resulting in increased costs;
changing government regulations in environmental, health, and
safety matters; changes in tax laws or changes in our geographic
mix of earnings; and other risks and uncertainties identified from
time to time in Amcor's filings with the U.S. Securities and
Exchange Commission (the "SEC"), including without limitation,
those described under Item 1A. "Risk Factors" of Amcor's annual
report on Form 10-K for the fiscal year ended June 30, 2023 and any subsequent quarterly
reports on Form 10-Q. You can obtain copies of Amcor's filings with
the SEC for free at the SEC's website (www.sec.gov).
Forward-looking statements included herein are made only as of the
date hereof and Amcor does not undertake any obligation to update
any forward-looking statements, or any other information in this
communication, as a result of new information, future developments
or otherwise, or to correct any inaccuracies or omissions in them
which become apparent, except as expressly required by law. All
forward-looking statements in this communication are qualified in
their entirety by this cautionary statement.
The Company provides guidance on a non-GAAP basis as we are
unable to predict with reasonable certainty the ultimate outcome
and timing of certain significant forward-looking items without
unreasonable effort. These items include but are not limited
to the impact of foreign exchange translation, restructuring
program costs, asset impairments, possible gains and losses on the
sale of assets, and certain tax related events. These items
are uncertain, depend on various factors, and could have a material
impact on U.S. GAAP earnings and cash flow measures for the
guidance period.
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SOURCE Amcor