CHARLOTTE, N.C. (News release) -- SEE announced that its Board of Directors and Ted Doheny have mutually agreed to transition SEE's leadership. Mr. Doheny has stepped down as President and Chief Executive Officer and as a member of the Board, effective immediately. He will continue to serve SEE in an advisory capacity to assist in the transition.
Effective immediately, Emile Chammas, Chief Operating Officer, and Dustin Semach, Chief Financial Officer, are appointed Interim Co-Presidents and Co-CEOs, in addition to their current roles.
The Board is undertaking a comprehensive search, internally and externally, with the assistance of a leading executive search firm to identify SEE's next Chief Executive Officer.
Henry Keizer, SEE Board Chairman, said, "While SEE has made progress expanding its portfolio, digitizing its global network, and driving operational efficiencies, the Board recognizes there is more work to position SEE for long-term profitable growth. Transitioning SEE's leadership at this time will enable SEE to better navigate the market ahead of us and maximize value for our shareholders."
Mr. Keizer continued, "We are confident that both Emile and Dustin, two proven SEE leaders with extensive operational and financial backgrounds, will provide strong leadership and execution in the interim as we finalize the search process. We thank Ted for his contributions to SEE over the last six years."
Mr. Doheny said, "It has been a privilege to lead SEE and work alongside our incredibly talented team. I am confident that SEE will continue to be a leader within our industry and look forward to working with Emile and Dustin to facilitate a smooth transition."
Mr. Chammas said, "SEE plays a key role in meeting our customers' evolving packaging needs with industry-leading solutions that integrate sustainable, high-performance materials, automation, and digital technologies. Dustin and I will continue to advance our strategic initiatives and drive execution by accelerating our Cost Take-out to Grow (CTO2Grow) program."
Mr. Semach said, "There are significant opportunities ahead for SEE as we enhance our focus on financial performance, capital allocation and portfolio optimization. Emile and I will work closely with the Board and the SEE leadership team to support a seamless transition and advance key initiatives underway."
SEE today reaffirmed its full year 2023 guidance for net sales in the range of $5.40 to $5.60 billion, full year Adjusted EBITDA in the range of $1.075 to $1.125 billion, full year Adjusted EPS in the range of $2.75 to $2.95 and Free Cash Flow in the range of $325 to $375 million, excluding full year 2023 payments related to the IRS settlement. Mr. Chammas and Mr. Semach will provide additional details on the Company's financials and operational progress when SEE reports its third quarter 2023 results on Thursday, November 2, 2023.
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