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Avery Dennison Corporation (Form: 8-K)  

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

     
Date of Report (Date of Earliest Event Reported):   May 25, 2010

Avery Dennison Corporation
__________________________________________
(Exact name of registrant as specified in its charter)

     
Delaware 1-7685 95-1492269
_____________________
(State or other jurisdiction 		_____________
(Commission 		______________
(I.R.S. Employer
of incorporation) File Number) Identification No.)
      
150 North Orange Grove Boulevard, Pasadena, California   91103
_________________________________
(Address of principal executive offices) 		  ___________
(Zip Code)
     
Registrant’s telephone number, including area code:   626-304-2000

Not Applicable
______________________________________________
Former name or former address, if changed since last report

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(b)&(c) On May 25, 2010, Avery Dennison Corporation (the "Company") announced that Daniel R. O’Bryant, 52, will resign effective June 1, 2010 from his position as Executive Vice President, Finance, and Chief Financial Officer and that the Company’s board of directors (the "Board") has elected Mr. O’Bryant as Executive Vice President, Business Development. The Company also announced that the Board has elected Mitchell R. Butier, 38, as Senior Vice President and Chief Financial Officer, and Lori J. Bondar, 49, as Vice President, Controller and Chief Accounting Officer. A copy of the Company’s May 25, 2010 news release announcing these elections, all of which are effective June 1, 2010, is attached as Exhibit 99.1 hereto.

Business Experience

During the period from September 2000 through July 2004, Mr. Butier served in several finance and general management positions for the Company. From August 2004 through February 2007, Mr. Butier served as Vice President, Finan ce for the Company’s Retail Information Services Group. In March 2007, he was promoted to Vice President, Controller and Chief Accounting Officer, and in March 2008, he was elected Corporate Vice President, Global Finance and Chief Accounting Officer.

During the period from April 2004 through October 2005, Ms. Bondar served as the Chief Financial Officer for Acetex Corporation, which was a publicly-traded commodity chemicals company. From November 2005 through March 2008, she worked as a financial and strategic planning consultant with the Palomar Consulting Group. In April 2008, Ms. Bondar joined the Company as Vice President, Controller.

(e) In connection with Mr. Butier’s promotion to Senior Vice President and Chief Financial Officer, the Compensation and Executive Personnel Committee of the Board has approved for him an annual base salary of $475,000 and equity awards of 28,000 stock options and 7,500 restricted stock units, both of which will vest ratably over four years f rom the date of his election.





Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

99.1 News release dated May 25, 2010





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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

         
    Avery Dennison Corporation
          
May 28, 2010   By:   Dean A. Scarborough
       
        Name: Dean A. Scarborough
        Title: Chairman, President and Chief Executive Officer

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Exhibit Index


     
Exhibit No.   Description
 
99.1
  News release dated May 25, 2010
EX-99.1

Exhibit 99.1

News Release

Mitchell R. Butier Succeeds Daniel R. O’Bryant as Avery Dennison Chief Financial Officer

PASADENA, Calif., May 25, 2010 —Avery Dennison Corporation (NYSE:AVY) today announced the promotion of Mitchell R. Butier to senior vice president and chief financial officer, effective June 1.

Butier has been the Company’s corporate vice president, global finance, and chief accounting officer since March, 2007. He succeeds Daniel R. O’Bryant, who has been elected executive vice president, business development, in which role he will contribute to the identification and implementation of growth opportunities.

Vice President and Controller Lori J. Bondar will succeed Butier as the Company’s chief accounting officer.

“Mitch is a seasoned finance executive and a strong leader, and the Board of Directors and I are delighted to welcome him to the CFO role,” said Dean A. Scarborough, Avery Dennison chairman, president and CEO. “He has served in senior finance roles in all of our major businesses and in the United States and Europe, and is already a member of the Company’s Corporate Leadership Team. His promotion is the logical next step in our succession plans.

“Consistent with those plans, Dan is returning to operations, where he will continue to make significant contributions to Avery Dennison’s profitable growth,” Scarborough said. “He is a great strategic executive and an invaluable asset to the Company.”

Butier joined Avery Dennison in 2000 from PricewaterhouseCoopers. Prior to 2007 he served in finance leadership roles in the Company’s Roll Materials, Retail Information Services and Office Products businesses, and in general management positions in Retail Information Services. He earned a B.S.A. at Loyola Marymount University.

O’Bryant’s 20-year career with Avery Dennison includes senior operations and finance roles in its Roll Materials and Specialty Tape businesses, including four years in operating leadership roles at Fasson Roll North America. He was elected senior vice president and chief financial officer of Avery Dennison in January, 2001, and executive vice president and chief financial officer in 2005.

Lori Bondar joined Avery Dennison in April, 2008 as vice president and controller. Her 25-year career includes executive positions in finance, risk management and strategic planning at public companies.

About Avery Dennison

Avery Dennison is a recognized industry leader that develops innovative identification and decorative solutions for businesses and consumers worldwide. The Company’s products include pressure-sensitive labeling materials; graphics imaging media; retail apparel ticketing and branding systems; RFID inlays and tags; office products; specialty tapes; and a variety of specialized labels for automotive, industrial and durable goods applications. A FORTUNE 500 Company with sales of $6 billion in 2009, Avery Dennison is based in Pasadena, California and has employees in over 60 countries. For more information, visit http://www.averydennison.com.