Avery Dennison Corporation (AVY, Financial) has announced a significant change in its executive leadership team. On November 14, 2024, Gregory S. Lovins, the company's Senior Vice President and Chief Financial Officer, commenced a medical leave of absence. Consequently, Mr. Lovins has stepped down from his role as the principal financial officer.
In response to this development, the Board of Directors has appointed Danny G. Allouche as the Senior Vice President and Interim Chief Financial Officer, effective November 15, 2024. Mr. Allouche, who is 50 years old, has been with Avery Dennison since August 2010 and has held various leadership roles with increasing responsibility. Most recently, he served as the Senior Vice President and Chief Strategy and Corporate Development Officer since August 2022.
Mr. Allouche will continue to fulfill his current duties as Chief Strategy and Corporate Development Officer while assuming the responsibilities of the interim principal financial officer. The Board's Talent and Compensation Committee has decided to maintain Mr. Allouche's current compensation package, considering the uncertain duration of his interim appointment and the upcoming annual executive compensation review in three months. His compensation includes an annual base salary of ILS 1,680,000 (approximately $450,000), a target Annual Incentive Plan opportunity of 50%, and a target annual long-term incentive opportunity of 120%.
This leadership transition comes at a crucial time for Avery Dennison Corporation, as the company continues to navigate the complexities of the global market. Investors and stakeholders will be closely monitoring how these changes impact the company's strategic direction and financial performance.
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