- After around seven years in the position
- Praise and thanks for Butier
- Deon Stander taking over
- Butier will remain as executive chairman at Avery Dennison
- Butier spoke at length and said 185 words
(exechange) — Mentor, Ohio, May 24, 2023 — Mitch Butier, chief executive of Avery Dennison, leaves his position. As announced by Avery Dennison Corp. in a news release and in a regulatory filing published on Wednesday, May 24, 2023, Mitchell R. (Mitch) Butier leaves his post as chief executive officer at the materials science and manufacturing company, after around seven years in the role, effective August 31, 2023.
Mitch Butier’s duties as CEO will be taken over by Deon Stander, currently president and chief operating officer at Avery Dennison Corp.
“The right time”
The management change is explained as follows. Butier stated: “With the company so well positioned, I am confident it is the right time to transition the role of CEO to Deon.”
Butier will remain as executive chairman at Avery Dennison
Avery Dennison stated: “Current chairman and CEO, Mitch Butier, will serve as executive chairman of the company’s board of directors.”
“Cease serving as Chief Executive Officer”
Avery Dennison said: “Mr. Butier, currently the Company’s Chairman and Chief Executive Officer, will cease serving as Chief Executive Officer on August 31, 2023.”
Share price increase since May 2016
The announcement follows an increase in Avery Dennison Corp.’s share price of 128% since May 2016. May 2016 is the month in which Butier’s tenure as CEO began.
In the position of CEO since 2016
Mitch Butier became CEO of the Company in 2016.
Mitch Butier is the chairman and chief executive officer of Avery Dennison Corporation.
He was elected to chief executive officer, effective May 1, 2016, after serving as chief operating officer since 2014.
Butier is responsible for overseeing the company’s global manufacturing operations, with the leaders of the company’s businesses and global functions reporting to him.
Prior to becoming senior vice president and chief financial officer, Butier served from 2007 to 2010 as corporate vice president, global finance, and chief accounting officer.
Prior to 2007, he held other senior leadership roles across the company, including finance positions in Label and Packaging Materials Europe and Retail and Branding Information Solutions, and general management positions in Retail Branding and Information Solutions.
Butier joined Avery Dennison from PricewaterhouseCoopers in 2000 as director, finance of the former Office and Consumer Products North America division.
Butier graduated from Loyola Marymount University with a Bachelor of Science in Accounting degree.
185 words by Mitch Butier
In the news release announcing his departure as CEO of Avery Dennison Corp., Mitch Butier received praise and thanks.
In announcing his departure, Mitch Butier spoke at length and said 185 words.
“Delivering superior results”
Mitch Butier stated: “It has been a privilege to have led Avery Dennison for much of the past decade. I have been fortunate to have worked with such a tremendous team at this wonderful company – a team that has raised the bar by both delivering superior results, while also positioning us for even greater successes in the future. With the company so well positioned, I am confident it is the right time to transition the role of CEO to Deon. I could not be more pleased that Deon will be our next CEO. He has been a close partner of mine over the years, and is an outstanding steward of our values. Over his 20-year career with the company, he has served in a number of leadership roles across the globe with increasing responsibility and impact. He has a proven track record, including leading the transformation of our Solutions business and helping lead the acceleration of our intelligent labels platform. He is the right leader to ensure we reach even greater heights, and I look forward to supporting him and the company in my role as executive chairman.”
40% of CEOs are forced out or fired
When CEO departures are announced, exechange determines the Push-out Score on a scale of 0 to 10 to assess how likely it is that the chief executive was pushed out or felt pressure to leave the position, with 0 being most likely a voluntary move and 10 being most likely a forced exit. Anything over a 5 indicates that there are valid reasons to believe an executive may have been pushed out.
Of the 315 CEO departures in the Russell 3000 Index evaluated over the past 12 months (May 24, 2022, to May 23, 2023), the average Push-out Score was 6.1, according to exechange data. References to conduct issues, disagreements and irregularities lead to the highest Push-out Scores. When performance issues, time with family or pursuit of other opportunities were cited as departure reasons, the average Push-out Scores were also significantly elevated.
Around 40% of the CEO departure events from the past 12 months received Push-out Scores of 8 or higher.
In other words, in the past 12 months, two in five departing CEOs were forced out or fired.
Push-out Score for Mitch Butier’s move determined
The Push-out Score regarding Mitch Butier’s move is explained point by point in the exechange report.
exechange reached out to Avery Dennison and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 22.2023 ($).