MELBOURNE, AUSTRALIA — Australian plastics packaging giant Pact Group Holdings Ltd. has appointed a U.S.-based executive as its new CEO.
An announcement to the Australian Stock Exchange (ASX) said Malcolm Bundey will be Melbourne-based Pact's managing director and CEO starting Dec. 1. He and his family will relocate from York, Pa., where Bundey is president and CEO of Graham Packaging Co., a US$3 billion global rigid packaging company owned by Rank Group.
Pact's ASX announcement said Bundey's annual base salary will be A$1.2 million (US$839,000), with long and short-term incentive payments of up to 100 percent of his base salary.
Pact's current MD and CEO Brian Cridland will remain with the company until April “to ensure an orderly transition of leadership and continuity of operations” before he retires.
Pact said Bundey has held senior executive roles for Rank Group in Australia and the United States since he joined Rank as chief financial officer of Sydney-based food manufacturer Goodman Fielder Ltd. in 2003. He transferred to the United States in 2007 and became president and CEO of Evergreen Packaging Inc. in Canton, N.C., in 2008. He was president and CEO of Closure Systems International Inc. in Indianapolis before he joined Graham.
Cridland has managed the group since it was established in 2002 by Raphael Geminder, who is now Pact chairman.
Geminder welcomed Bundey's appointment, saying he is “very proud of our ability to bring home such a highly qualified and successful Australian executive.”
Pact posted a profit of A$67.63 million for the year ended June 30, a 17.24 percent increase from the previous year. Pact is Australasia's largest rigid plastics packaging manufacturer and operates in seven countries.