---
schema_version: "secwatch.filing_event.v1"
accession: "0000008818-23-000011"
form_type: "8-K"
ticker: "AVY"
cik: "0000008818"
company_name: "Avery Dennison Corp"
filed_at: "2023-05-24T23:59:59+00:00"
generated_at: "2026-06-14T16:51:51.138974+00:00"
event_type: "leadership"
sentiment: "neutral"
materiality_score: 0.7
calibrated_materiality_score: 0.7
confidence: "high"
source: SEC EDGAR
---

# Avery Dennison announces CEO succession: Deon Stander to become CEO, Mitch Butier Executive Chairman

## Summary
- Deon Stander, age 54, elected President and CEO effective September 1, 2023; succeeds Mitch Butier.
- Mitch Butier becomes Executive Chairman effective September 1, 2023, after serving as CEO since 2014.
- Stander's base salary increased to $1.1M, target AIP to 135% of salary, LTI target to 550% of salary.
- Stander receives a special promotion grant of ~$3M in stock options, vesting 50% on 3rd and 4th anniversaries.
- Butier's salary reduced to $1M, AIP target to 120%; no new LTI grant; loses executive severance eligibility.

## SEC filing metadata
- accession: 0000008818-23-000011
- form_type: 8-K
- ticker: AVY
- cik: 0000008818
- company_name: Avery Dennison Corp
- filed_at: 2023-05-24T23:59:59+00:00
- event_type: leadership
- sentiment: neutral
- materiality_score: 0.7
- calibrated_materiality_score: 0.7
- confidence: high
- sec_items: 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/8818/000000881823000011/0000008818-23-000011-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/8818/000000881823000011/avy-20230523.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000008818-23-000011
- JSON: https://secwatch.observer/filing/0000008818-23-000011.json
- Plain text: https://secwatch.observer/filing/0000008818-23-000011.txt

## Key facts
- Executive change
  Mitchell Butier was elected as Executive Chairman at Avery Dennison Corp.
  - Action: elected
  - Role: Executive Chairman
  source text: the independent directors of the Board elected Mitchell Butier, age 51, as Executive Chairman, effective September 1, 2023.
  evidence_url: https://www.sec.gov/Archives/edgar/data/8818/000000881823000011/0000008818-23-000011-index.htm
- Executive change
  Deon Stander was appointed as member of the Board at Avery Dennison Corp.
  - Action: appointed
  - Role: member of the Board
  source text: the Board also appointed Mr. Stander as a member of the Board, effective September 1, 2023.
  evidence_url: https://www.sec.gov/Archives/edgar/data/8818/000000881823000011/0000008818-23-000011-index.htm
- Executive change
  Deon Stander was elected as President and Chief Executive Officer at Avery Dennison Corp.
  - Action: elected
  - Role: President and Chief Executive Officer
  source text: elected Deon Stander, age 54, as the Company’s President and Chief Executive Officer, effective September 1, 2023.
  evidence_url: https://www.sec.gov/Archives/edgar/data/8818/000000881823000011/0000008818-23-000011-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.