Sonoco Announces Resignation of Board Member

Rhea-AI Summary

On August 31, 2022, Sonoco (NYSE: SON) announced the immediate resignation of board member Sundaram Nagarajan. Nagarajan, who has served on the board since 2015, cited personal reasons for his departure. He is also the President and CEO of Nordson Corporation (NASDAQ: NDSN). Sonoco's Chairman, John R. Haley, praised Nagarajan for his contributions and insights during his tenure.

Founded in 1899, Sonoco is a major provider of sustainable packaging solutions, reporting net sales of approximately $5.6 billion in 2021 and operating in over 32 countries.

Positive

• Sundaram Nagarajan provided valuable insights and guidance as a board member since 2015.
• Sonoco is recognized for its commitment to sustainability, ranking highly in industry accolades.

Negative

• Nagarajan's resignation may create a gap in board continuity and experience.

HARTSVILLE, S.C., Aug. 31, 2022 (GLOBE NEWSWIRE) -- Sonoco (NYSE: SON), one of the largest global sustainable packaging companies, today announced that Sundaram Nagarajan, a member of the Board of Directors, has made the decision to step down from the Board, effective immediately.    

Nagarajan was appointed a Director of Sonoco in 2015 and is President and Chief Executive Officer and a member of the board of directors of Nordson Corporation (NASDAQ:NDSN), an innovative precision technology company that leverages a scalable growth framework thru an entrepreneurial, division led organization to deliver top tier growth with leading margins and returns. In his letter of resignation, Nagarajan cited personal reasons for resigning from Sonoco’s Board.  

“Naga has been a valuable member of the Board and we have appreciated his experience, thoughtful insights, and impactful guidance as a Board member,” said John R. Haley, Sonoco Chairman of the Board. “On behalf of the Board of Directors, I thank Naga for his service and commitment to Sonoco and we wish him all the best in the future.”

About Sonoco
Founded in 1899, Sonoco (NYSE:SON) is a global provider of consumer, industrial, healthcare and protective packaging. With net sales of approximately $5.6 billion in 2021, the Company has approximately 22,000 employees working in more than 300 operations in 32 countries serving some of the world’s best-known brands in some 85 nations. Sonoco is committed to creating sustainable products, services and programs for our customers, employees and communities that support our corporate purpose of Better Packaging. Better Life. The Company ranked first in the Packaging sector on Fortune's World's Most Admired Companies for 2022 as well as being included in Barron's 100 Most Sustainable Companies for the fourth-consecutive year. For more information on the Company, visit our website at www.sonoco.com.

FAQ

Why did Sundaram Nagarajan resign from Sonoco's Board?

Sundaram Nagarajan resigned due to personal reasons.

What impact might Nagarajan's resignation have on Sonoco?

His departure may affect board continuity and experience.

When did Sundaram Nagarajan resign from Sonoco?

He resigned from the Board effective immediately on August 31, 2022.

Who is the current CEO of Sonoco?

The press release does not mention the current CEO of Sonoco.

What are Sonoco's recent financial highlights?

Sonoco reported net sales of approximately $5.6 billion in 2021.