Ron Delia, CEO of Amcor, the world’s biggest consumer packaging business, will step down as CEO next month, and depart the company completely in September.
Delia cited health reasons for bringing down the curtain on a 19-year career at Amcor, the last nine as its CEO. Amcor’s shares fell by 3.4 per cent on the news.
Peter Konieczny, current chief commercial officer, will become interim CEO when Delia, aged 52, steps down on 15 April, while the company conducts a global search for a new leader.
Delia has overseen a business that has grown to 210 packaging operations in 43 different countries, although the last few months have seen Amcor close ten of its operations, and cut staff numbers by 2000, about five per cent of its workforce, as the company deals with changing consumer habits.
Founded in Australia, Amcor has grown to become the biggest player in its field, with the $10bn acquisition of US-based Bemis five years ago cementing its position. Amcor’s stock is now traded on Wall Street.
Amcor’s share price has rarely slipped beneath the $13 when Delia took over, and reached a high of $18 two years ago, but it was unable to hold onto those levels. However, the last five years have seen dividends to shareholder paid every quarter.
In its last financial report for the six months to 31 December 2023, Amcor revealed that volumes dropped by a record-breaking ten per cent, as Amcor saw its sales figures fall by nine per cent to US$6.69bn, from US$7.35bn in the same period last year, while net profit fell to US$286m, down from US$691m in the prior corresponding period.
Amcor, which houses one of Australia’s biggest print operations, saw its sales fall by eight per cent to US$6.69bn from US$7.35bn in the same period last year, while net profit fell to US$286m from US$691m in the prior corresponding period.
Amcor operates in both flexibles and rigids, with flexibles accounting for three quarters of the business.
