secwatch.observer — SEC 8-K summary
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Issuer:     Avery Dennison Corp (AVY)
CIK:        0000008818
Form:       8-K
Filed at:   2023-05-24T23:59:59+00:00
Accession:  0000008818-23-000011
Event type: leadership
Sentiment:  neutral
Materiality: 0.70
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/8818/000000881823000011/0000008818-23-000011-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/8818/000000881823000011/avy-20230523.htm
  HTML page:      https://secwatch.observer/filing/0000008818-23-000011

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer