ELMWOOD PARK, NJ – Sealed Air Corporation’s board of directors has made several modifications to its governance and compensation processes.
William Marino was elected the board’s lead director, effective immediately. His appointment replaces the current practice of having board members rotate as presiding director. Marino has been a member of the board since 2002, served as chairman of the Nominating and Corporate Governance Committee since 2010 and since 2002 has served as a member of the Organization and Compensation Committee.
The entire incentive compensation for select senior management for calendar years 2012 and 2013 will be based on achieving certain financial goals, including items such as Adjusted EBITDA and net debt reduction.
William Hickey, president and chief executive officer, has agreed to be compensated entirely with incentive compensation for 2012 and 2013, except for a $100,000 annual cash salary. All “at risk” incentive compensation will be in the form of equity and tied directly to the achievement of financial goals in those years.
“The board believes that these changes will continue to enhance the company’s corporate governance and more fully align the company with shareholder interests, particularly as they relate to achieving the benefits of the recent Diversey acquisition,” Marino said.
Meanwhile, the integration of Sealed Air and Diversey continues moving ahead.
Sealed Air refers to itself as the new global leader in food safety and security, facility hygiene and product protection. Sealed Air generated revenue of $7.6 billion in 2010, on a pro forma basis, and employs approximately 26,000 employees who serve customers in 175 countries.