Sonoco announces changes to their Board of Directors
Hartsville-based Sonoco, one of the largest global sustainable packaging companies, announced that two members of the Company’s Board of Directors will be leaving.
Marc D. Oken, 75, chairman and founder of Falfurrias Capital Partners, a Charlotte, N.C., private equity firm, has reached the Board’s mandatory retirement age and will not stand for re-election at the company’s 2022 Annual General Meeting.
Oken joined the board in 2006 and serves on the company’s Executive Committee as well as the Executive Compensation, Audit and Corporate Governance and Nominating committees.
In addition, Lloyd M. Yates, 61, who was recently named President and Chief Executive Officer of NiSource, Inc., a Merrillville, Ind., energy holding company, extended his resignation to Sonoco’s Board, effective March 1.
Yates served on Sonoco’s Board since 2019 and is a member of Audit, Financial Policy and Employee and Public Responsibility committees. Yates’ resignation was not the result of any disagreement between Yates and the company, its management, board of directors or any committee thereof, or with respect to any matter relating to the Company’s operation, policies or practices.
“We want to thank Marc and Lloyd for the time, dedication and contributions made in support of Sonoco and the Board,” said John R. Haley, Sonoco’s Chairman of the Board. With these changes the company expects to nominate 12 directors for re-election at its annual meeting.