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Why the Orora share price dropped lower today

The Orora Ltd (ASX: ORA) share price has edged lower this morning after the packaging company announced a change of CEO.

At the time of writing Orora shares are down over 0.5% to $3.29.

What was announced?

This morning the company announced that its managing director and chief executive officer, Nigel Garrard, has decided to retire after over 10 years in the role.

According to the release, Mr Garrard will leave the company at the end of September.

Orora certainly has been quick to find a replacement. The release explains that Mr Garrard will be succeeded by Brian Lowe.

Mr Lowe has been with the company since 2011 and is currently the group general manager of the Orora Fibre Packaging business.

Prior to joining Orora, he was the managing director of the Asia Pacific Powertrain business owned by NYSE-listed Delphi Technologies and spent a decade with General Electric in various leadership roles.

Outgoing CEO, Nigel Garrard, said: “I believe the time is right for new leadership to take the Company forward. I have been fortunate to lead the business over an exciting time with the creation of the Orora brand and culture when Orora listed on the ASX. Orora today has a world-class team of people, an expanding global footprint and a strong balance sheet to support further growth.”

Incoming CEO, Brian Lowe, appears to be excited to lead the company and building on Mr Lowe’s achievements.

He said, “I am honoured to be asked by the Board to lead the Orora team when Nigel retires. Orora is a strong business with a track record of executing against strategy, meeting its financial objectives and delivering value for its stakeholders. I look forward to working with the Board and the Orora team to build on that record of success.”

The company’s chairman, Chris Roberts, explained that the board had completed a comprehensive internal and external succession planning process, and was “delighted that someone of Brian’s calibre will lead Orora into the future.”

Elsewhere in the industry today, the Amcor PLC (ASX: AMC) share price and the Pact Group Holdings Ltd (ASX: PGH) share price are both trading lower in morning trade.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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