In 2023, the total compensation of CEOs of many large public companies around the world increased, but the trend of CEO compensation in the packaging industry was mixed. Recently, an agency analyzed 13 packaging companies listed on the New York Stock Exchange, all of which had annual revenues of more than $5 billion. The data showed that only about half of the companies had an increase in total compensation (total compensation includes base salary, variable stock awards and other factors). It is worth noting that the packaging industry is experiencing a large-scale turnover of executive positions. Last year, Avery Dennison, Berry Global, International Paper, Stora Enso and Sealed Air all announced CEO changes.
Next year's compensation figures may look different, as Cascades, Amcor, and OI Glass also announced CEO transitions this year. In addition, as part of the industry consolidation trend, Westrock is no longer a standalone entity; Smurphy Kappa CEO Tony Smurphy is now CEO of Smurphy Westrock.
Tenure appears to have an impact on executive compensation. One of the major players who hasn’t seen a recent turnover is Mark Corzine, CEO of Packaging of America, who has held the position since 2010. Corzine became the highest-paid packaging CEO in the S&P 500 in 2023; he ranked 224th with total compensation of $15.23 million, up nearly 25% year-over-year, according to the Wall Street Journal. On the list, the CEO of International Paper ranked 276th and the CEO of Westrock ranked 283rd.
In 2015, the Securities and Exchange Commission adopted a rule requiring every public company to disclose the ratio of its CEO pay to its median employee pay. The calculations can vary slightly depending on how many full-time, part-time, or temporary employees in different regions a company chooses to include or exclude. The companies on this chart are listed based on the size of their pay ratios.
Below is a breakdown of company-specific data for 2023, listed in order of company revenue.
David Sewell, President and CEO of Westrock
2023 company revenue: $20.3 billion
base salary: $1,300,500
Stock awards, non-equity incentive plan compensation and all other compensation: $11,315,112
2023 total compensation: $12,615,612
2023 CAP: $11,092,519
Mark Sutton, Chairman and CEO, International Paper
2023 company revenue: $18.8 billion
base salary: $1,450,000
Stock awards, non-equity incentive plan compensation and all other compensation: $11,395,526
2023 total compensation: $12,845,526
2023 CAP: $5,255,432
Ron Delia, CEO of Amcor
Fiscal 2023 revenue: $14.7 billion
base salary: $1,742,877
Stock awards, option awards, non-equity incentive plan compensation and all other compensation: $5,563,118
2023 total compensation: $7,305,995
2023 CAP: -$1,817,920
Dan Fisher, Chairman and CEO, Ball Enterprises
2023 company revenue: $14 billion
base salary: $1,249,038
Stock awards, option awards, non-equity incentive plan compensation, pension value changes and nonqualified deferred compensation benefits, and all other compensation: $8,069,518
2023 total compensation: $9,318,556
2023 CAP: $12,840,113
Tom Salmon, Chairman and CEO, Berry Global
2023 company revenue: $12.7 billion
base salary: $1,202,000
Stock awards, option awards, non-equity incentive plan compensation, and all other compensation: $10,508,612
2023 total compensation: $11,710,612
2023 cap: $23,659,702
Anthony Smurphy, CEO of Smurphy Kappa
2023 company revenue: $12.2 billion
base salary: $1,283,916
Pension, benefits, stock and other compensation categories: $3,830,097
2023 total compensation: $5,114,013
Timothy Donahue, President and CEO of Crown Holdings
2023 company revenue: $12 billion
base salary: $1,370,000
Stock awards, non-equity incentive plan compensation and all other compensation: $10,558,223
2023 total compensation: $11,928,223
2023 CAP: $16,258,848
Michael Doss, President and CEO, Graphic Packaging Holdings
2023 company revenue: $9.4 billion
base salary: $1,316,300
Stock awards, non-equity incentive plan compensation, pension value changes and nonqualified deferred compensation benefits, and all other compensation: $10,621,203
2023 total compensation: $11,937,503
2023 CAP: $19,418,337
Mark Koulzan, CEO of American Packaging
2023 company revenue: $7.8 billion
base salary: $1,433,580
Stock awards, non-equity incentive plan compensation, pension value changes and nonqualified deferred compensation benefits, and all other compensation: $13,794,610
2023 total compensation: $15,228,190
2023 CAP: $26,358,360
Andres Lopez, President and CEO of OI
2023 company revenue: $7.1 billion
base salary: $1,132,875
Stock awards, non-equity incentive plan compensation, pension value changes and nonqualified deferred compensation benefits, and all other compensation: $10,646,893
2023 total compensation: $11,779,768
2023 CAP: $14,408,779
Howard Kocher, President and CEO of Sonoco
2023 company revenue: $6.8 billion
base salary: $1,192,388
Stock awards and all other compensation: $7,346,205
2023 total compensation: $8,538,593
2023 CAP: $4,755,985
Adam Greenlee, President and CEO of SILGE
2023 company revenue: $5.9 billion
base salary: $1,100,000
Stock awards, non-equity incentive plan compensation and all other compensation: $3,866,705
2023 total compensation: $4,966,705
2023 CAP: $4,152,625
Edward Doheny, President and CEO of Sealed Air
2023 company revenue: $5.5 billion
base salary: $1,329,820
Stock awards, non-equity incentive plan compensation and all other compensation: $14,387,444
2023 total compensation: $15,717,264
2023 CAP: $11,457,157
