Sonoco Products Company announced that R. Howard Coker will retire as President, Chief Executive Officer, and Director, effective December 31, 2026. The Board of Directors has appointed Ernest D. Haynes III, an internal executive, as the new President and CEO, also effective December 31, 2026. The company also disclosed a retention award for its Chief Financial Officer.
Key Details
- CEO Retirement: R. Howard Coker will retire after more than 40 years with the company, serving as President and CEO since 2020.
- Successor Appointment: Ernest D. Haynes III, currently President of Global Consumer Packaging and a 29-year company veteran, will become President, CEO, and a director.
- New CEO Compensation: Mr. Haynes's compensation includes an annual base salary of $1,100,004, an annual bonus target of 120% of base salary, and an anticipated annual equity award target of approximately $6,000,000.
- CFO Retention Award: The company approved a $1.5 million retention award in the form of restricted stock units (RSUs) for CFO Paul Joachimczyk, which cliff vests on the second anniversary of the grant date.