Amcor said Fred Stephan, President of Amcor Flexibles North America, will become Chief Operating Officer with immediate effect on September 5, 2024. The company said the role is newly created and that he will report to the Chief Executive Officer.

1. 01

   Amcor said Fred Stephan, President of Amcor Flexibles North America, will become Chief Operating Officer with immediate effect on September 5, 2024. The company said the role is newly created and that he will report to the Chief Executive Officer.

2. 02

   The company said Fred Stephan's annualized base salary under the COO Letter Agreement will be 1,150,000. His MIP target is 100% of base salary, with payouts ranging from 0 to 200% of base salary. Grants under the Long-Term Incentive Plan are based on a grant date fair value of 225% of his base salary.

3. 03

   Amcor said that if it terminates Fred Stephan other than for cause while he serves as COO, he will receive severance equal to 12 months of base salary. His restrictive covenants continue for 12 months after termination, and his notice period to resign changes to 6 months' written notice.

4. 04

   The company said it appointed David Clark, formerly Vice President, Sustainability, as the newly created Chief Sustainability Officer. He reports directly to the Chief Executive Officer and oversees the company's sustainability strategies and policies and their implementation across the company.

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