Sonoco Products Company elects Scott A. Clark to its Board of Directors, enhancing leadership with global management expertise.
Quiver AI Summary
Sonoco Products Company has announced the election of Scott A. Clark to its Board of Directors as an independent member, with his formal election set for the upcoming Annual General Meeting. Clark, 59, brings extensive experience from his 28-year tenure at Michelin, where he held significant leadership roles including Executive Vice President and Chairman of Michelin North America. He has a strong background in global business operations and consumer packaged goods, having also worked at Ralston Purina. Sonoco's Chairman, John Haley, expressed enthusiasm for Clark's insights, particularly regarding European markets which are vital for the company's growth. Sonoco is recognized for its sustainable packaging solutions, generating approximately $6.8 billion in sales and employing around 28,000 people worldwide.
Potential Positives
- Scott A. Clark brings extensive global management and operations experience, enhancing the strategic capabilities of Sonoco's Board of Directors.
- His leadership background in consumer packaged goods is significant, potentially benefiting Sonoco's market positioning and insight into growth opportunities.
- Clark's prior experience with Michelin, including senior roles across large business segments, indicates he has valuable expertise that can guide Sonoco's expansion, particularly in Europe.
- Sonoco's formal commitment to improving its board diversity and strength through the addition of independent members like Clark reflects a proactive approach to governance and long-term stability.
Potential Negatives
- Scott A. Clark’s election to the Board of Directors may suggest a need for new leadership and insights, indicating potential previous shortcomings in the board's existing expertise or strategic direction.
- The announcement includes multiple forward-looking statements, which highlight inherent risks and uncertainties regarding the company’s ability to execute its growth strategy, potentially signaling instability or challenges ahead.
- The mention of "permanent senior leadership roles" could imply ongoing transitions within the company, suggesting possible issues with leadership consistency or effectiveness.
FAQ
Who is Scott A. Clark?
Scott A. Clark is a newly elected independent member of Sonoco's Board of Directors with extensive experience at Michelin.
What role did Scott Clark hold at Michelin?
Scott Clark served as Executive Vice President and was a member of Michelin’s Group Executive Committee.
When will Scott Clark stand for election to the board?
Scott Clark will stand for election at Sonoco's next scheduled Annual General Meeting.
What is Sonoco Products Company known for?
Sonoco is a global leader in high-value sustainable packaging, serving well-known brands with innovative solutions.
What is Sonoco's annual sales figure?
In 2023, Sonoco reported net sales of approximately $6.8 billion.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$SON Insider Trading Activity
$SON insiders have traded $SON stock on the open market 3 times in the past 6 months. Of those trades, 0 have been purchases and 3 have been sales.
Here’s a breakdown of recent trading of $SON stock by insiders over the last 6 months:
- JOHN M FLORENCE (VP, Gnl Council, Secy, CHRO) sold 13,660 shares for an estimated $699,398
- ROBERT R JR HILL has made 0 purchases and 2 sales selling 4,000 shares for an estimated $191,819.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$SON Hedge Fund Activity
We have seen 207 institutional investors add shares of $SON stock to their portfolio, and 262 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- MILLENNIUM MANAGEMENT LLC added 1,663,890 shares (+1252.6%) to their portfolio in Q3 2024, for an estimated $90,898,310
- VICTORY CAPITAL MANAGEMENT INC removed 1,231,076 shares (-91.6%) from their portfolio in Q4 2024, for an estimated $60,138,062
- IMPAX ASSET MANAGEMENT GROUP PLC removed 553,559 shares (-100.0%) from their portfolio in Q4 2024, for an estimated $27,041,357
- SILVERCREST ASSET MANAGEMENT GROUP LLC removed 489,461 shares (-52.4%) from their portfolio in Q3 2024, for an estimated $26,739,254
- NORDEA INVESTMENT MANAGEMENT AB added 437,128 shares (+63.2%) to their portfolio in Q4 2024, for an estimated $21,353,702
- DIMENSIONAL FUND ADVISORS LP added 372,247 shares (+14.1%) to their portfolio in Q3 2024, for an estimated $20,335,853
- WELLINGTON MANAGEMENT GROUP LLP added 317,967 shares (+inf%) to their portfolio in Q4 2024, for an estimated $15,532,687
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
HARTSVILLE, S.C., Feb. 12, 2025 (GLOBE NEWSWIRE) -- Sonoco Products Company (“Sonoco” or the “Company”) (NYSE: SON), a global leader in high-value sustainable packaging, today announced that Scott A. Clark has been elected to its Board of Directors. Clark is an independent member of the Sonoco board and will stand for election at the Company’s next scheduled Annual General Meeting.
Clark, 59, is a 28-year executive of Michelin where he most recently served as Executive Vice President and Member of Michelin’s Group Executive Committee with responsibilities for the company’s largest global business segments and supervising their largest geographic markets. Previously, he was Chairman and President of Michelin North America along with a variety of operations and marketing leadership roles for the company in the U.S., France and Singapore. Before joining Michelin, Clark started his career as a consumer-packaged goods marketer overseeing a diverse group of snack, cereal and pet care brands for the former Ralston Purina and Ralcorp Holdings.
“We are extremely pleased to have Scott joining the Sonoco Board as he brings significant global management, operations and commercial consumer packaged goods leadership. With nearly a decade worth of experience living and leading large businesses in Europe he will provide us key insights into a region which is important for Sonoco’s growth,” said John Haley, Sonoco’s Chairman of the Board of Directors.
Clark received a Bachelor of Science degree in accounting and an MBA in marketing from Washington University’s John M. Olin School of Business. He currently resides in Greenville, S.C., and has previously served on the board of TBC Corporation, Michelin North America, the United States Tire Manufacturers Association and the European Tire and Rubber Manufacturers Association.
About Sonoco
Sonoco (NYSE: SON) is a global leader in high-value, sustainable packaging that serves some of the world’s best-known brands. Our portfolio is composed of leading products that serve large, attractive end markets for metal and fiber consumer and industrial packaging. Guided by our purpose of Better Packaging. Better Life™, we foster a culture of innovation, collaboration, and excellence to provide solutions that better serve all our stakeholders and support a sustainable future. With net sales of approximately $6.8 billion in 2023, Sonoco has approximately 28,000 employees working in more than 300 operations around the world. Sonoco was named one of America’s Most Responsible Companies by Newsweek. For more information on the Company, visit our website at
www.sonoco.com
.
Forward-Looking Statements
Certain statements made in this communication are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “accelerate,” “committed,” “enable,” “ensure,” “expect,” “future,” “will,” or the negative thereof, and similar expressions identify forward-looking statements. Forward-looking statements in this communication include, but are not limited to, statements regarding the Company’s journey to simplify its operating structure, leverage its competitive strengths, drive growth and enhance its customer experience, the Company’s ability to serve its stakeholders and support a sustainable future, the effects of senior leadership changes, and the company’s expectations regarding permanent senior leadership roles. These forward-looking statements are made based on current expectations, estimates and projections about the Company’s industry, management’s beliefs and certain assumptions made by management. Such information includes, without limitation, discussions as to guidance and other estimates, perceived opportunities, expectations, beliefs, plans, strategies, goals and objectives concerning the Company’s future financial and operating performance. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual results may differ materially from those expressed or forecasted in such forward-looking statements. Risks and uncertainties include, among other things, risks related to the Company’s ability to execute on its strategy, including with respect to portfolio simplification, organizational streamlining, and capital investments, and achieve the benefits it expects therefrom, and the other risks, uncertainties and assumptions discussed in the Company’s filings with the Securities and Exchange Commission, including its most recent reports on Forms 10-K and 10-Q, particularly under the heading “Risk Factors”. Except as required by applicable law, the Company undertakes no obligation to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events discussed herein might not occur.
Contact:
Roger Schrum
843-339-6018
roger.schrum@sonoco.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/2fadd3fc-9cf3-4d00-a33d-43c69f6bc679
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