UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
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Securities Exchange Act of 1934
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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 November 14, 2024, Gregory S. Lovins, Senior Vice President and Chief Financial Officer of Avery Dennison Corporation (the “Company”), began a medical leave of absence. Mr. Lovins ceased serving as the Company’s principal financial officer as of that date.
On November 14, 2024, the Company’s Board of Directors (the “Board”) elected Danny G. Allouche as the Company’s Senior Vice President and Interim Chief Financial Officer, effective November 15, 2024. Mr. Allouche, age 50, has served as the Company’s Senior Vice President and Chief Strategy and Corporate Development Officer since August 2022, after having served as Vice President, Chief Strategy and Corporate Development Officer, from April 2021 to July 2022. Prior to that, he served as Vice President, Corporate Development, from May 2016 to March 2021 and Vice President, Treasury and Corporate Development, from August 2015 to May 2016. Mr. Allouche also held several other leadership roles in positions of increasing responsibility since joining the Company in August 2010. Mr. Allouche will retain his current role as Chief Strategy and Corporate Development Officer in addition to assuming the responsibilities as the Company’s interim principal financial officer.
In connection with this election, giving consideration to the fact that the length of the interim appointment is not known at this time and the Company’s annual executive compensation review process takes place in three months’ time, the Board’s Talent and Compensation Committee approved an unchanged compensation package for Mr. Allouche. His current compensation is as follows: (i) an annual base salary of ILS 1,680,000 (or approximately $450,000); (ii) a target Annual Incentive Plan opportunity of 50%; and (iii) a target annual long-term incentive opportunity of 120%. Mr. Allouche will continue to be eligible to participate in the Company’s executive severance plan as described in the Company’s 2024 Proxy Statement filed with the Securities and Exchange Commission on March 11, 2024.
Section 9 — Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits.
| Exhibit Number | Exhibit Title | |||||||
| 104 | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101) | |||||||
EXHIBIT INDEX
| Exhibit Number | Exhibit Title | |||||||
| 104 | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101) | |||||||
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: November 15, 2024 | By: | /s/ Deon M. Stander | ||||||||||||
Name: Title: | Deon M. Stander President and Chief Executive Officer | |||||||||||||