UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
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Section 5 — Corporate Governance and Management
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b) (c) On July 24, 2023, Lori Bondar, Vice President, Controller, Chief Accounting Officer and Treasurer of Avery Dennison Corporation, a Delaware corporation (the “Company”), notified the Company of her decision to retire effective September 4, 2023. Ms. Bondar, age 62, joined the Company in 2008. She was elected to her current position in February 2020, after having served as the Company’s Vice President, Controller and Chief Accounting Officer since June 2010.
As a result of a planned succession process, on July 26, 2023, the Company’s Board of Directors (the “Board”), elected Divina Santiago, age 53, as the Company’s Vice President, Controller, effective August 14, 2023. Ms. Santiago will begin serving as the Company’s principal accounting officer on September 5, 2023, at which time she will become an executive officer. She was appointed as the Company’s Vice President, Assistant Controller, SOX and Financial Reporting in April 2022, after having served as Senior Director, Assistant Controller, SOX and Financial Reporting since September 2008. Ms. Santiago has served in positions of increasing responsibility since joining the Company in 2002.
In connection with her election, on July 26, 2023, the Board’s Talent and Compensation Committee (the “Committee”) approved the following compensation package for Ms. Santiago: (i) an annual base salary of $325,000; (ii) a target Annual Incentive Plan opportunity of 40% of base salary; and (iii) a target long-term incentive opportunity of 60% of base salary. Ms. Santiago will now receive an annual executive benefit allowance of $40,000 and be eligible to participate in the executive severance plan, and she will continue being eligible to participate in the Company’s savings and deferred compensation plans, in each case as described in the Company’s 2023 Proxy Statement filed with the Securities and Exchange Commission on March 9, 2023.
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 | ||||||||||||||
| Date: July 27, 2023 | By: | /s/ Gregory S. Lovins | ||||||||||||
Name: Title: | Gregory S. Lovins Senior Vice President and Chief Financial Officer | |||||||||||||