Avery Dennison CFO Anne Bramman leaves abruptly

  • Signs for push-out forces
  • After less than two years on the job
  • Greg Lovins taking over in the interim

(exechange) — Glendale, California, March 20, 2017 — Anne Bramman, finance chief of Avery Dennison, leaves. It is an abrupt change. As announced by Avery Dennison Corporation in a news release and in a regulatory filing published on Monday, March 20, 2017, Anne L. Bramman has already left the post as chief financial officer at the adhesive manufacturing company in a surprising move after less than two years on the job, effective March 19, 2017.

No company wants a CFO to flame out in the first years.

Bramman’s move comes eleven months after Mitchell R. Butier took over as CEO of Avery Dennison.

Bramman’s duties are taken over in the interim by Greg Lovins, currently vice president and treasurer at Avery Dennison Corporation.

No reason given

In the announcement, Avery Dennison did not explicitly explain the obviously compelling reason for Bramman’s sudden move, opening the door for speculation.

Precise information about the future plans of Bramman was not immediately available.

Wake-up call

Generally speaking, it is often a wake-up call for stockholders when a CFO leaves the position abruptly and without a reasonable explanation.

“Ceased serving in such capacity”

Avery Dennison said: “On March 20, 2017, Avery Dennison Corporation … announced the departure of Anne L. Bramman, Senior Vice President and Chief Financial Officer.  Ms. Bramman ceased serving in such capacity on March 19, 2017, and is expected to depart the Company following a brief transition period.”

Share price rise since September 2011

The change follows a rise in the share price of Avery Dennison Corporation since September 2011.

Chaired by Dean A. Scarborough

Avery Dennison Corporation is chaired by Dean A. Scarborough.

Scarborough serves as Executive Chairman.

CEO: Mitchell R. Butier

Mitchell R. Butier serves as CEO of Avery Dennison Corporation. Butier is president and chief executive officer of Avery Dennison Corporation. He was recently elected to president and chief executive officer, effective May 1, 2016, after serving as president and chief operating officer since 2014.

On the job as CFO since 2015

Bramman has been the Chief Financial Officer and Senior Vice President of Avery Dennison Corporation since March 23, 2015.

Bramman lead the company’s financial strategy and operations, including the audit, financial reporting, investor relations, planning and analysis, tax and treasury functions.

She was also responsible for information technology.

Bramman joined Avery Dennison in March 2015 from Carnival Cruise Line, the largest division of Carnival Corporation, where she served for four years as senior vice president and chief financial officer.

Prior to Carnival, Bramman spent six years with specialty retailer L Brands, Inc., where she served in positions of increasing responsibility as vice president – finance for Victoria’s Secret stores, corporate vice president/assistant treasurer – mergers, acquisitions and capital markets, and senior vice president and chief financial officer for the Henri Bendel brand.

Before joining L Brands, she held senior leadership positions at THQ, Inc. and Kinko’s, Inc., and finance positions with Atlantic Richfield (ARCO) and Arthur Andersen & Co.

Bramman graduated from Texas Christian University with a BBA in Accounting and earned an MBA from the Anderson School of UCLA.

She is a certified public accountant.

At the time of Bramman’s appointment as chief financial officer at Avery Dennison, Dean A. Scarborough, then Avery Dennison chairman and chief executive officer, had said: “Anne is a world-class finance executive and strong business leader, and the Board of Directors and I are pleased to welcome her to Avery Dennison as our new CFO. Her extensive experience in overseeing the finance functions of market-leading companies with complex global operations makes her ideally suited for the role.”


Generally speaking, when a top leader announces to step down with no permanent successor in place, it is a signal that the change was unplanned and too early.

Signs for push-out forces

It is not completely certain what forces eventually triggered Anne Bramman’s move.

The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.

Read the full story in the exechange report 13.2017 ($).