Plastics packaging maker Sealed Air Corp. has fired its chief financial officer as part of an internal review prompted by a federal investigation.
The Charlotte-based company said William Stiehl was fired "for cause, effective immediately."
"Stiehl's termination is related to an internal review by the audit committee of the board of directors in connection with the previously disclosed investigation by the U.S. Securities and Exchange Commission," the company said in a June 20 statement.
In August, Sealed Air had revealed that the SEC had demanded financial documents from the company.
"On June 25, 2018, the company received from the staff of the SEC a subpoena for documents, including requests concerning the company's accounting for income taxes, its financial reporting and disclosures and other matters. The company is cooperating with the SEC in this matter. The company cannot predict the outcome or the duration of the SEC investigation," the company said on page 61 of its 64-page quarterly earnings report.
The company's internal review began after the company received a request for information in May regarding its process to select an independent audit firm starting with fiscal year 2015. That probe involves examining the independence of that firm, Sealed Air said.
Ernst & Young LLP is the company's independent auditing firm.
James Sullivan has been appointed as the company's new CFO. Sullivan was CFO of Joy Global, a mine equipment maker from 2012-17. Current Sealed Air CEO Edward Doheny was CEO at Joy Global from 2013-17.
Stiehl was CFO since June 2018 and acting CFO for eight months prior to that. He had been with the company since January 2013, starting as chief accounting officer, according to his LinkedIn profile.
Sealed Air brands include Bubble Wrap and Cryovac.