ELMWOOD PARK, N.J. (Aug. 29, 12:30 p.m. ET) – William Hickey plans to retire from his position as CEO of Sealed Air Corp. in March, and the company has named an outsider to replace him, the firm announced Aug. 28.
As a result of the retirement announcement, the board named Hickey to the post of chairman of the board, effective Sept. 1, and it named Jerome Peribere as president and chief operating officer.
The company explained that in March, Peribere will assume the CEO post and Hickey will step down as chairman, but he will continue to serve on the board of directors.
“This is the next step in a succession planning process which has been underway for some time,” said William Marino, lead director of Sealed Air, in a news release.
Hickey is 67.
Peribere, 58, is a 35-year veteran of Dow Chemical Co., serving most recently as president and CEO of the Dow Advanced Materials business. Prior to that appointment, he spent most of his career in the Dow AgroSciences business.
Elmwood Park-based Sealed Air is a publicly traded company that specializes in food packaging and security films, including Bubble Wrap. Sealed Air generated 2011 sales of $8.1 billion and has about 26,300 employees.