For packaging industry leadership, 2024 was another year of change at the top.
Among large, publicly held manufacturers, Amcor, International Paper, O-I Glass and Sealed Air all announced new CEOs. The manufacturer known as Smurfit Westrock was also formed in 2024 through a major business combination.
According to a yearly analysis of S&P 500 companies and their CEOs by the Associated Press and Equilar, the typical compensation package for these chief executives rose nearly 10% in 2024, “as the stock market enjoyed another banner year and corporate profits rose sharply.”
And per the Wall Street Journal’s list of highest-paid chief executives, compensation for Tony Smurfit of Smurfit Westrock ranked 137 among S&P 500 CEOs. Smurfit’s jump from CEO of Smurfit Kappa to CEO of Smurfit Westrock catapulted his compensation from a 2023 base salary of approximately $1.28 million and total compensation of more than $5.1 million to a base salary of approximately $1.4 million and total 2024 compensation reportedly exceeding $21 million.
Also in the WSJ-compiled ranking at 242 was Packaging Corporation of America’s Mark Kowlzan, whose compensation rose nearly 3% in 2024.
Packaging Dive analyzed data from 10 New York Stock Exchange-listed packaging companies with annual revenue exceeding $5 billion. This is how much those CEOs — some tenured, others starting mid-year — made in 2024.
Industry breakdown
Editor’s note: Multiple of these companies’ CEOs began their tenures midway through 2024. Amcor’s new CEO took the helm in April (starting as an interim and becoming official in September); International Paper and O-I Glass got new CEOs in May; Sealed Air’s new CEO began in July. Additionally, Smurfit Westrock was formed in July.
Median employee ratios
Editor’s note: Smurfit Westrock did not calculate a median employee pay ratio for 2024 due to the timing of the business combination.
Company level data
Amcor CEO Peter Konieczny
- 2024 company revenue: $13.6B
- Base salary: $1,474,000
- Stock awards, non-equity incentive plan compensation and all other compensation: $6,006,919
- 2024 total compensation: $7,480,919
- 2024 compensation actually paid (CAP): $6,959,258
Ball Chairman and CEO Dan Fisher
- 2024 company revenue: $11.8B
- Base salary: $1,250,000
- Stock awards, non-equity incentive plan compensation and all other compensation: $11,079,337
- 2024 total compensation: $12,329,337
- 2024 compensation actually paid (CAP): $18,286,482
Crown Holdings President and CEO Tim Donahue
- 2024 company revenue: $11.8B
- Base salary: $1,425,000
- Stock awards, non-equity incentive plan compensation and all other compensation: $12,193,150
- 2024 total compensation: $13,618,150
- 2024 compensation actually paid (CAP): $11,369,490
Graphic Packaging International President and CEO Mike Doss
- 2024 company revenue: $8.8B
- Base salary: $1,316,300
- Stock awards, non-equity incentive plan compensation and all other compensation: $8,091,655
- 2024 total compensation: $9,407,955
- 2024 compensation actually paid (CAP): $17,901,034
International Paper Chairman and CEO Andy Silvernail
- 2024 company revenue: $18.6B
- Base salary: $666,667
- Stock awards, non-equity incentive plan compensation and all other compensation: $20,065,903
- 2024 total compensation: $20,732,570
- 2024 compensation actually paid (CAP): $47,741,451
O-I Glass CEO Gordon Hardie
- 2024 company revenue: $6.5B
- Base salary: $756,522
- Stock awards, non-equity incentive plan compensation and all other compensation: $6,710,075
- 2024 total compensation: $7,466,597
- 2024 compensation actually paid (CAP): $4,983,946
Packaging Corporation of America Chairman and CEO Mark Kowlzan
- 2024 company revenue: $8.4B
- Base salary: $1,487,340
- Stock awards, non-equity incentive plan compensation and all other compensation: $14,185,130
- 2024 total compensation: $15,672,470
- 2024 compensation actually paid (CAP): $37,766,553
Sealed Air CEO Patrick Kivits
- 2024 company revenue: $5.4B
- Base salary: $550,000
- Stock awards, non-equity incentive plan compensation and all other compensation: $12,270,613
- 2024 total compensation: $12,820,613
- 2024 compensation actually paid (CAP): $12,711,437
Smurfit WestRock President and CEO Tony Smurfit
- 2024 company revenue: $21.1B
- Base salary: $1,416,920
- Stock awards, non-equity incentive plan compensation and all other compensation: $19,912,337
- 2024 total compensation: $21,329,257
- 2024 compensation actually paid (CAP): $21,329,257
Sonoco President and CEO Howard Coker
- 2024 company revenue: $5.3B
- Base salary: $1,233,011
- Stock awards, non-equity incentive plan compensation and all other compensation: $8,874,791
- 2024 total compensation: $10,107,802
- 2024 compensation actually paid (CAP): $7,899,237
