A senior Amcor Ltd. executive said he will resign, following the company's decision to sell its North American closures business.
Jim Allen, president and chief executive officer of Amcor Closures, said he will retire in June. The firm is selling its stake in White Cap LLC Closures to joint venture partner Silgan Holdings Inc. The sale is to close in April.
John Murray, executive general manager of corporate affairs, said Allen, 60, is leaving on good terms. ``His priorities in life have changed, that's all.''
Amcor acquired the 65 percent share in White Cap in July when it bought the PET bottles and closures operations of Ratingen, Germany-based Schmalbach-Lubeca AG. The deal made Amcor the world's largest PET blow molder.
Allen has been with Amcor 38 years, mainly in the Twinpak subsidiary.
Twinpack was Amcor's North American PET bottle and closures business. The closures operation was merged with White Cap's operations. Allen then oversaw the merging of White Cap with Amcor's other U.S. closure operations.
Ken MacKenzie, managing director of Amcor Rentsch, will take on the added responsibility of Amcor's remaining closures businesses when Allen leaves, Murray said.
Amcor Rentsch manages specialty packing operations in Europe, Asia and the Americas that manufacture polypropylene and polyethylene containers.