- After about six years in the position
- Thanks for Doheny
- Emile Chammas and Dustin Semach taking over temporarily
- Search for a successor
- Doheny kept it short and said 43 words
(exechange) — Charlotte, North Carolina, October 23, 2023 — Ted Doheny, chief executive of Sealed Air, leaves his position — as “mutually agreed.” As announced by Sealed Air Corp. in a news release and in a regulatory filing published on Monday, October 23, 2023, Edward L. (Ted) Doheny leaves his post as chief executive officer at the packaging company doing business as SEE, after about six years in the role, effective immediately.
Generally speaking, it raises questions when a CEO leaves his post abruptly.
Sealed Air will undertake a search for a successor.
Ted Doheny’s duties as CEO will be taken over temporarily by Emile Chammas and Dustin Semach, most recently Chief Operating Officer (Emile Chammas) and Chief Financial Officer (Dustin Semach) at Sealed Air Corp., as Interim Co-Presidents and Co-CEOs.
Ted Doheny’s move coincides with a management shake-up also involving the position of Chief Growth & Strategy Officer.
The company, under its former trade name, Sealed Air, announced its new SEE corporate brand and logo in May 2023.
“There is more work”
Sealed Air did not give an explicit reason for Ted Doheny’s departure from the CEO post.
Henry Keizer, SEE Board Chairman, stated: “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.”
Precise information regarding Ted Doheny’s future plans was not immediately available.
“Stepped down”
Sealed Air said: “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.”
Sealed Air further said: “SEE (the “Company”) today announced that its Board of Directors (the “Board”) and Edward L. Doheny II, President and Chief Executive Officer of the Company, have mutually agreed that it is the right time to transition leadership. Mr. Doheny has stepped down as President and Chief Executive Officer and as a member of the Board, effective immediately.”
Share price decline since October 2022
The announcement follows a decline in Sealed Air Corp.’s share price of 36% since October 2022.
In the position of CEO since 2018
Ted Doheny became CEO of the Company in 2018.
Doheny served as the President and Chief Executive Officer of Sealed Air.
Doheny joined Sealed Air as Chief Operating Officer and CEO-Designate and a director in September 2017.
He became President and CEO effective January 1, 2018.
Doheny previously served at Joy Global Inc. since 2006, where he was President and Chief Executive Officer and a director from December 2013 through May 2017.
Prior to joining Joy Global, Doheny had a 21-year career with Ingersoll-Rand Co., where he held a series of senior executive positions of increasing responsibility, including President of Industrial Technologies from 2003 to 2005 and President of the Air Solutions Group from 2000 to 2003.
Doheny currently serves as a director of Eastman Chemical Corporation, where he serves on the audit, the finance and the environmental, safety and sustainability committees.
From 2012 to 2019, Doheny served as a director of John Bean Technologies Corporation, where he served on the compensation and the nominating and governance committees.
Doheny earned a Bachelor of Science degree in engineering from Cornell University and a Master of Science degree in Management from Purdue University’s Krannert School of Management.
Doheny serves on the Board of the Alliance to End Plastic Waste and the executive committee of the National Association of Manufacturers.
43 words by Ted Doheny
In the release announcing his departure as CEO of Sealed Air Corp., Ted Doheny received thanks.
In announcing his departure, Ted Doheny kept it short and said 43 words.
“Look forward to working with Emile and Dustin”
Ted Doheny stated: “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.”
Push-out Score for Ted Doheny’s move determined
The Push-out Score indicates on a scale of 0 to 10 how likely it is that Ted Doheny was pushed out or felt pressure to leave his position.
exechange reached out to Sealed Air and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 44.2023 ($).