Sealed Air Corp., a Charlotte-based packing products company, announced that Chief Executive Officer Jerome Peribere will retire at the end of the year, according to a Securities and Exchange Commission filing.
Peribere, who has worked at Sealed Air for five years and has served as CEO since 2013, will be succeeded by Edward Doheny II, who was named director of the company.
Doheny has served as chief executive officer for mining machinery company Joy Global as well as president of solutions and president of industrial technologies at Ingersoll-Rand. His position as CEO and president of Sealed Air will become effective on Dec. 31, 2017, following a transition under Peribere.
The responsibilities during Doheny’s transitional period, in which he will report to Peribere, will include the management of Sealed Air’s operating business and supply chain network.
William Marino, chairman of Sealed Air’s board, stated that Doheny is an “experienced and transformational leader with a proven ability to drive profitable innovation-based growth strategies.”
Doheny will receive an annual base salary of $1.15 in addition to an awarded 30,000 restricted stock units and 70,000 performance stock units. Peribere received a total annual compensation of $1.25 million as CEO.
Sealed Air’s shares fell 53 cents to $43.22 in Friday afternoon trading.