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More executive changes coming to Charlotte-based Sealed Air

Amid an ongoing SEC investigation into its accounting practices, Charlotte-based Sealed Air disclosed Thursday that it has terminated its chief financial officer.
Amid an ongoing SEC investigation into its accounting practices, Charlotte-based Sealed Air disclosed Thursday that it has terminated its chief financial officer. Observer file photo

In the latest management shift at Charlotte-based Sealed Air, Carol Lowe has resigned as chief financial officer, and her last day with the company will be Oct. 31.

Sealed Air, perhaps best known as the maker of Bubble Wrap, said in a statement Friday that chief accounting officer and controller Bill Stiehl will replace Lowe as acting CFO.

Lowe decided to leave the company “to pursue new opportunities,” the company said, without providing further details.

The executive moves come amid other notable changes at Sealed Air.

The company said in September that 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.

Also in September, the company completed the sale of its cleaning products company Diversey and other businesses, to Bain Capital Private Equity for approximately $3.2 billion. Diversey announced this month that it is moving its corporate headquarters from Charlotte to York County.

Sealed Air also this year opened its newly built, $58 million headquarters in southwest Charlotte, where it will eventually employ 1,300 people. Sealed Air currently employs around 1,000 there.

Lured by millions in state and local incentives, the company announced its plans to relocate from New Jersey in 2014, marking the largest corporate relocation in Charlotte’s history.

In the statement about the CFO change, Peribere said Stiehl had been “instrumental in guiding our efforts to improve operational performance” since joining the company in 2013.

“Over the past five years, we have successfully implemented new financial disciplines and continuous improvement programs that will be reinforced under Bill’s leadership,” he added.

Katherine Peralta: 704-358-5079, @katieperalta

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