Shares of global packaging company Amcor Limited (ASX: AMC) fell as much as 5.9% on Thursday morning after it was announced that after 10 years at the helm, CEO and Managing Director Ken MacKenzie would retire from his positions at the end of the 2015 financial year.
The company said that MacKenzie would be succeeded by Amcor's current Chief Financial Officer (CFO) Ron Delia, who joined the company in 2005 and has been CFO since early 2011. Indeed, it will be a tough act for Delia to follow with MacKenzie having nearly doubled return on capital during his tenure, whilst also having overseen the successful demerger of Orora Ltd (ASX: ORA).
In a release to the ASX, Delia said: "Amcor's success over the past decade has been built on the strength of a high quality and talented team of people. The business has developed a focused portfolio, built a unique operating model for the packaging industry, and established a clear understanding of shareholder value creation. These components will remain the foundations of the company going forward."
Despite the loss of its highly regarded CEO, Amcor Limited still poses as a good investment prospect. With decent growth prospects, Amcor also stands to benefit from a weaker Australian dollar as well as various innovations, including "LiquiForm". This MacKenzie has previously described as being, "one of the most important breakthrough technologies in liquid packaging."
An even better bet than Amcor in 2015
