Richard Wambold, chairman and CEO of Pactiv Corp. when the packaging and Hefty bag maker was sold to New Zealand's Reynolds Group Holdings Ltd., has left the new company.
Wambold became CEO of a Reynolds Group unit, Reynolds/ Pactiv Foodservice and Consumer Products, after the $4.6 billion acquisition. He was widely expected to stay on board for at least a year.
His departure was announced inside the company last month, said a source familiar with the matter. Also gone: John Schwab, Pactiv's former senior vice president, who ran the Lake Forest-based firm's consumer business.
Both were due to leave by the end of January.
Neither Reynolds Group nor Wambold responded to requests for comment.
Wambold was in line to receive severance and performance-based stock grants worth $14.6 million, according to Pactiv's proxy statement. He also held stock and options worth $21.4 million. He was credited with turning around Pactiv, which was spun out of conglomerate Tenneco Inc. in 1999.
Schwab was to receive a severance package of about $3.8 million.
Reynolds is part of Aucklandbased Rank Group Ltd., a conglomerate headed by Graeme Hart.
Pactiv ranked No. 11 on Plastics News most recent survey of North American film and sheet manufacturers, and No. 1 in the PN thermoformers ranking.