MELBOURNE — There will be a leadership change at the helm of Australian packaging company Amcor Ltd. starting in July.
Chief Financial Officer Ron Delia, who joined Melbourne-based Amcor in 2005, will take over as managing director and CEO from Ken MacKenzie, who has been in the role for a decade.
MacKenzie will retire at the end of the 2015 fiscal year.
Delia has been Amcor's CFO since February 2011. He was previously vice president of the Rigid Plastics Latin America operations from 2008 to 2011 and executive VP for corporate operations from 2005 to 2008.
Amcor chairman Graeme Liebelt said succession planning has been in progress for some time and Delia was selected from “a strong field of well-qualified candidates.”
Delia's annual pay package is US$1.7 million, and he is eligible for a cash incentive of up to 80 percent of his US$1.4 million base salary, if agreed performance targets are met.
Amcor manufactures rigid and flexible plastic packaging products for the food, beverage, healthcare, home and personal care, and tobacco packaging industries.
It has annual sales of US$9.5 billion and employs 27,200 people across 180 sites in 43 countries.
Shares in publicly traded Amcor fell 5 percent on the Australian Stock Exchange when MacKenzie's retirement was announced.