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Posted 22 April, 2021

Pactiv Evergreen Inc. appointed new CEO

CEO Change detected for ticker None:None in a 8-K filed on 22 April, 2021.


  As previously disclosed, on March 30, 2021, Pactiv Evergreen Inc. (the "Company") announced that John Rooney, the Company's President of Beverage Merchandising and the Chief Executive Officer of Evergreen Packaging LLC ("Evergreen"), an indirect subsidiary of the Company, will be leaving the Company effective as of June 30, 2021 (the "Separation Date").  

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Overview of Pactiv Evergreen Inc.
Industrial Goods • Containers/Packaging
Pactiv Evergreen Inc. engages in the manufacture, distribution, and merchandising of fresh food and beverages services. It operates through the following segments: Foodservice, Food Merchandising, and Beverages Merchandising. The Foodservice segment manufactures ready to eat products. The Food Merchandising segment includes protecting and attractively displaying food while preserving freshness. The Beverage Merchandising segment includes production of cartons for refrigerated beverage products. The company was founded on May 30, 2006 and is headquartered in Lake Forest, IL.
Market Cap
$3.23B
View Company Details
Pactiv Evergreen Inc. by TradingView
Relevant filing section
Item 5.02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers


Departure of Named Executive Officer


As previously disclosed, on March 30, 2021, Pactiv Evergreen Inc. (the "Company") announced that John Rooney, the Company's President of Beverage Merchandising and the Chief Executive Officer of Evergreen Packaging LLC ("Evergreen"), an indirect subsidiary of the Company, will be leaving the Company effective as of June 30, 2021 (the "Separation Date").


In connection with his departure, Mr. Rooney has entered into a separation agreement (the "Separation Agreement"). Pursuant to his Separation Agreement, which includes a customary release of claims in favor of the Company, Mr. Rooney will be entitled to: (i) severance of $87,500 per calendar month for 24 months following the Separation Date, (ii) a payment in respect of his vacation accrual for 2021 (less any vacation taken in 2021 prior to the Separation Date) plus additional vacation benefits payable in a lump sum of $96,000 under an Evergreen program for certain long tenured employees, (iii) COBRA continuation premium payments at the active employee rate for up to 12 months following the Separation Date and (iv) the continued vesting of any restricted stock units awarded to Mr. Rooney in 2020.


The receipt of Mr. Rooney's severance benefits was contingent upon him agreeing to restrictive covenants, including: (i) a 24-month post-termination non-compete, (ii) a 24-month post-termination non-solicit of the Company's employees or current or prospective customers, (iii) a perpetual confidentiality covenant and (iv) an assignment of inventions provision.


The foregoing description of the Separation Agreement contained herein does not purport to be complete and is qualified in its entirety by reference to the complete text of the Separation Agreement. A copy of the Separation Agreement will be filed as an exhibit to the Registrant's quarterly report on Form 10-Q for the fiscal quarter ending March 31, 2021.