O-I Glass, Inc. (“O-I”) (NYSE: OI) today announced that, after the
conclusion of O-I’s Annual Meeting of Share Owners held earlier
today, the Board appointed John Humphrey as the new Independent
Board Chair, following the previously announced retirement of John
H. Walker from the Board. Additionally, at the Annual Meeting, 10
director nominees were elected for one-year terms, including Gordon
J. Hardie, whose appointment as Chief Executive Officer became
effective today, and Eric J. Foss and Cheri Phyfer, who are two new
independent members of the O-I Board. The other director nominees
elected at the Annual Meeting are Samuel R. Chapin, David V. Clark,
II, John Humphrey, Alan J. Murray, Hari N. Nair, Catherine I.
Slater, and Carol A. Williams.
John Humphrey brings extensive experience leading global
businesses and has served on several public company boards. In
addition to O-I Glass, he currently serves on the boards of EnPro
Industries, Inc. and Ingersoll Rand. He previously served as
Executive Vice President and Chief Financial Officer at Roper
Technologies, Inc., until he retired in 2017 following more than 10
years with the company.
“It is a privilege to assume the role of Board Chair,” said
John. “I look forward to continuing to work closely with my fellow
directors and the management team on positioning the business for
enhanced value creation. We welcome our newest directors Eric and
Cheri to the Board and are thrilled for Gordon to assume the role
of CEO.”
Gordon said, “Building on my nearly nine years of Board service,
I’ve been working closely with Andres and members of management
over the last month-plus to ensure this is a seamless transition of
CEO responsibilities. I am energized about the opportunities ahead
and believe O-I is well positioned to capture the long-term demand
of the packaging industry. Together with the Board and management,
I look forward to delivering on our strategy to drive value for our
stockholders and other stakeholders.”
Complete biographies for each of the members of the Board can be
found in O-I’s Proxy Statement for the 2024 Annual Meeting of Share
Owners filed with the Securities and Exchange Commission on April
5, 2024.
About O-I Glass
At O-I Glass, Inc. (NYSE: OI), we love glass and we’re proud to
be one of the leading producers of glass bottles and jars around
the globe. Glass is not only beautiful, it’s also pure and
completely recyclable, making it the most sustainable rigid
packaging material. Headquartered in Perrysburg, Ohio (USA), O-I is
the preferred partner for many of the world’s leading food and
beverage brands. We innovate in line with customers’ needs to
create iconic packaging that builds brands around the world. Led by
our diverse team of approximately 23,000 people across 68 plants in
19 countries, O-I achieved net sales of $7.1 billion in 2023. Learn
more about us: o-i.com / Facebook / Twitter
/ Instagram / LinkedIn.
Forward-Looking Statements
This press release contains “forward-looking” statements related
to O-I within the meaning of Section 21E of the Securities Exchange
Act of 1934, as amended, and Section 27A of the Securities Act of
1933, as amended. Forward-looking statements reflect O-I’s current
expectations and projections about future events at the time, and
thus involve uncertainty and risk. The words “believe,” “expect,”
“anticipate,” “will,” “could,” “would,” “should,” “may,” “plan,”
“estimate,” “intend,” “predict,” “potential,” “continue,” and the
negatives of these words and other similar expressions generally
identify forward-looking statements.
It is possible that O-I’s future financial performance may
differ from expectations due to a variety of factors including, but
not limited to, the following: (1) the general political, economic
and competitive conditions in markets and countries where O-I has
operations, including uncertainties related to economic and social
conditions, trade disputes, disruptions in the supply chain,
competitive pricing pressures, inflation or deflation, changes in
tax rates and laws, war, civil disturbance or acts of terrorism,
natural disasters, public health issues and weather, (2) cost and
availability of raw materials, labor, energy and transportation
(including impacts related to the current Ukraine-Russia and
Israel-Hamas conflicts and disruptions in supply of raw materials
caused by transportation delays), (3) competitive pressures from
other glass container producers and alternative forms of packaging
or consolidation among competitors and customers, (4) changes in
consumer preferences or customer inventory management practices,
(5) the continuing consolidation of O-I’s customer base, (6) O-I’s
ability to improve its glass melting technology, known as the MAGMA
program, and implement it within the timeframe expected, (7)
unanticipated supply chain and operational disruptions, including
higher capital spending, (8) seasonality of customer demand, (9)
the failure of O-I’s joint venture partners to meet their
obligations or commit additional capital to the joint venture, (10)
labor shortages, labor cost increases or strikes, (11) O-I’s
ability to acquire or divest businesses, acquire and expand plants,
integrate operations of acquired businesses and achieve expected
benefits from acquisitions, divestitures or expansions, (12) O-I’s
ability to generate sufficient future cash flows to ensure O-I’s
goodwill is not impaired, (13) any increases in the underfunded
status of O-I’s pension plans, (14) any failure or disruption of
O-I’s information technology, or those of third parties on which
O-I relies, or any cybersecurity or data privacy incidents
affecting O-I or its third-party service providers, (15) risks
related to O-I’s indebtedness or changes in capital availability or
cost, including interest rate fluctuations and the ability of O-I
to generate cash to service indebtedness and refinance debt on
favorable terms, (16) risks associated with operating in foreign
countries, (17) foreign currency fluctuations relative to the U.S.
dollar, (18) changes in tax laws or U.S. trade policies, (19) O-I’s
ability to comply with various environmental legal requirements,
(20) risks related to recycling and recycled content laws and
regulations, (21) risks related to climate-change and air
emissions, including related laws or regulations and increased ESG
scrutiny and changing expectations from stakeholders, (22) risks
related to O-I’s long-term succession planning process and the
other risk factors discussed in O-I's filings with the Securities
and Exchange Commission.
It is not possible to foresee or identify all such factors. Any
forward-looking statements in this document are based on certain
assumptions and analyses made by O-I in light of its experience and
perception of historical trends, current conditions, expected
future developments, and other factors it believes are appropriate
in the circumstances. Forward-looking statements are not a
guarantee of future performance, and actual results or developments
may differ materially from expectations. While O-I continually
reviews trends and uncertainties affecting O-I’s results of
operations and financial condition, O-I does not assume any
obligation to update or supplement any particular forward-looking
statements contained in this document.
Contacts:
Chris ManuelVice President, Investor
Relationschris.manuel@o-i.com567-336-2600
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