Ken MacKenzie has decided to retire at the end of this financial year after ten years as CEO of packaging company Amcor.
He will be replaced by Ron Delia, currently Amcor’s Chief Financial Officer and a former McKinsey consultant based in New York.
Delia, with a MBA from Harvard University, joined Amcor in 2005 and has been the CFO since February 2011. Previously he was Vice President of the Rigid Plastics Latin America operations and Executive Vice President Corporate Operations.
He will be paid a base of US $1.7 million a year plus other short and long term incentives.
Amcor posted an after tax profit for the year to the end of June 2014 of $737 million, up 24.6%.
The company’s shares fell this morning by more than 5% to $12.20.