Packaging materials maker Sonoco Products Co. (SON) announced Monday that Jack Sanders has taken over as the company's new chief executive officer, effective today. Sanders succeeds Harris DeLoach, Jr., who retires as an active employee after more than 27 years with Sonoco. DeLoach will now assume the role of executive chairman of the board of directors.
"I'm extremely proud and honored to be elected to lead such a great company. Sonoco was founded on creativity, hard work, a spirit of innovation and a focus on satisfying our customers while creating value for our shareholders. We want to continue building on past successes and defining a new future for this exceptional company," Sanders said in a statement.
Hartsville, South Carolina-based Sonoco announced the CEO transition in early December 2012, when Sanders was elected to Sonoco's board of directors, increasing the board to 13 members. Sanders is only the company's eighth CEO in its 114-year history.
Sanders, age 59, was most recently the president and chief operating officer since December 2010, after he served for a year as executive vice president of global consumer businesses from January 2010 to December 2010.
Sanders, who joined Sonoco in 1988 as national sales and marketing manager for the company's Reels business, became general manager of Sonoco's new Protective Packaging business in 1992. He was promoted in 1998 to division vice president and general manager of Protective Packaging.
Sanders was elected a corporate officer and named vice president of Industrial Products, North America, in 2001. He subsequently became vice president, Global Industrial products in January 2006 and assumed responsibility for all industrial converting businesses as senior vice president in July 2007.
In 2008, Sanders was named executive vice president of Industrial, with global operating responsibility the company's businesses serving industrial markets. This included Sonoco's tubes and cores, paper, reels, protective packaging, paperboard specialties and recycling businesses.
Sanders joined Sonoco in 1988 after serving as the western regional manager for Republic Packaging Co., where he spent 13 years with in positions of increasing responsibility.
DeLoach, age 68, is retiring after a 27-year career with the company, with nearly 13 years at its helm as chairman and CEO since July 2000. He has been a member of Sonoco's board of directors since 1998 and chairman since 2005. He joined Sonoco in 1986 as vice president of administration and general counsel.
SON closed Thursday's regular trading session at $34.99, up $0.23 on a volume of 0.34 million shares.
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