Charlotte-based Sealed Air, the manufacturer best known as the maker of Bubble Wrap, said CEO Jerome Peribere plans to step down at the end of December.
The company’s board elected Ted Doheny II as chief operating officer and CEO-designate and elected him to the board of directors effective Sept. 18. He will report to Peribere, 63, until becoming CEO Jan. 1.
Doheny, 55, served as CEO of mining company Joy Global until its sale to Komatsu in May 2017. Before Joy Global, he spent 21 years with manufacturer Ingersoll Rand, which has its North American headquarters in Davidson.
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Under Peribere, Sealed Air announced in 2014 that it was moving its headquarters to Charlotte from New Jersey with the help of $36 million in tax incentives. It now has more than 1,100 employees at its base near Charlotte Douglas International Airport.
In other big moves, he sold about one-third of the company to Bain Capital Private Equity for $3.2 billion in a deal that closed this week.
Peribere was the second-highest earning CEO in the Charlotte area in 2016, making $14.8 million – mostly in the form of a $13.5 million restricted stock grant. Of that stock grant, about $4 million worth was granted as an inducement to sign a contract extension through the end of 2017.
Sealed Air chairman William Marino said the company has positioned itself well for the future under the departing CEO’s leadership.
“He has led our transformation from a products-based company to a knowledge-based company, created a more unified organization through Sealed Air’s rebranding, dramatically improved employee engagement, and inspired a culture obsessed with customer value creation and a renewed commitment to sustainability,” Marino said.