Reaffirms Full Year 2023 Guidance
SEE (NYSE: SEE) today 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.
About SEE SEE (NYSE: SEE) is in business to protect, to
solve critical packaging challenges, and to make our world better
than we find it. Our automated packaging solutions promote a safer,
more resilient, and less wasteful global food, fluids and liquids
supply chain, enable e-commerce, and protect goods in transit from
damage.
The company, under its former trade name, Sealed Air, announced
its new SEE corporate brand and logo in May 2023.
Our globally recognized solution brands include CRYOVAC®
food packaging, LIQUIBOX® fluids and liquids systems,
SEALED AIR® protective packaging, AUTOBAG® automated
packaging systems, BUBBLE WRAP® packaging, SEE
Automation™ and prismiq™ digital packaging and
printing.
Our partnership with customers creates value through
sustainable, automated, and digital packaging solutions, leveraging
our industry-leading expertise in materials, automation systems,
engineering and technology.
Our SEE Net Positive Circular Ecosystem is leading the packaging
industry in creating a more environmentally, socially, and
economically sustainable future. We have pledged to design or
advance 100% of our packaging materials to be recyclable or
reusable by 2025, with a bolder goal to reach net-zero carbon
emissions in our global operations by 2040.
Our SEE Impact Report highlights how we are shaping the future
of the packaging industry. We are committed to a diverse workforce
and a caring, inclusive culture through our 2025 Diversity, Equity
and Inclusion pledge.
SEE generated $5.6 billion in sales in 2022 and has
approximately 17,300 employees (including Liquibox employees) who
serve customers in 120 countries/territories. To learn more, visit
sealedair.com.
Website Information We routinely post important
information for investors on our website, sealedair.com, in the
Investors section. We use this website as a means of disclosing
material, non-public information and for complying with our
disclosure obligations under Regulation FD. Accordingly, investors
should monitor the Investors section of our website, in addition to
following our press releases, SEC filings, public conference calls,
presentations and webcasts. The information contained on, or that
may be accessed through, our website is not incorporated by
reference into, and is not a part of, this document.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 concerning our business, consolidated
financial condition, results of operations and cash flows.
Forward-looking statements are subject to risks and uncertainties,
many of which are outside our control, which could cause actual
results to differ materially from these statements. Therefore, you
should not rely on any of these forward-looking statements.
Forward-looking statements can be identified by such words as
“anticipate,” “believe,” “plan,” “assume,” “could,” “should,”
“estimate,” “expect,” “intend,” “potential,” “seek,” “predict,”
“may,” “will” and similar references to future periods. All
statements other than statements of historical facts included in
this press release regarding our strategies, prospects, financial
condition, operations, costs, plans and objectives are
forward-looking statements.
Examples of forward-looking statements include, among others,
statements we make regarding expected future operating results,
expectations regarding the results of restructuring and other
programs, expectations regarding future impacts resulting from the
Liquibox acquisition, anticipated levels of capital expenditures
and expectations of the effect on our financial condition of
claims, litigation, environmental costs, contingent liabilities and
governmental and regulatory investigations and proceedings.
The following are important factors that we believe could cause
actual results to differ materially from those in our
forward-looking statements: global economic and political
conditions, including recessionary and inflationary pressures,
currency translation and devaluation effects, changes in raw
material pricing and availability, competitive conditions, the
success of new product offerings, failure to realize synergies and
other financial benefits from the acquisition of Liquibox within
the expected time frames, greater than expected costs or
difficulties related to the integration of Liquibox, consumer
preferences, the effects of animal and food-related health issues,
the effects of epidemics or pandemics, including the Coronavirus
Disease 2019, negative impacts related to the ongoing conflicts
between Russia and Ukraine and related sanctions, export
restrictions and other counteractions thereto, uncertainties
relating to existing or potential increased hostilities in the
Middle East, changes in energy costs, environmental matters, the
success of our restructuring activities, the success of our merger,
acquisition and equity investment strategies, the success of our
financial growth, profitability, cash generation and manufacturing
strategies and our cost reduction and productivity efforts, changes
in our credit ratings, the tax benefit associated with the
Settlement agreement (as defined in our 2022 Annual Report on Form
10-K), regulatory actions and legal matters and the other
information referenced in the “Risk Factors” section appearing in
our most recent Annual Report on Form 10-K, as filed with the
Securities and Exchange Commission, and as revised and updated by
our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Any forward-looking statement made by us is based only on
information currently available to us and speaks only as of the
date on which it is made. We undertake no obligation to publicly
update any forward-looking statements, whether written or oral,
that may be made from time to time, whether as a result of new
information, future developments or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20231023726575/en/
Investors Brian Sullivan Brian.c.sullivan@sealedair.com
704.503.8841
Media Christina Griffin Christina.griffin@sealedair.com
704.430.5742
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