How much did packaging CEOs make in 2023?

Total compensation rose in 2023 for CEOs at many of the world’s largest public companies. But trends in pay for packaging CEOs were more of a mixed bag.

Packaging Dive analyzed data from 13 New York Stock Exchange-listed packaging companies with annual revenue exceeding $5 billion. Total compensation — which is based on base salary, but also variable stock awards and other factors — only increased at about half of companies on that list.

Notably, the packaging industry is seeing a period of heavy turnover in the top role at many of the largest publicly traded manufacturers. Last year, Avery Dennison, Berry Global, International Paper, Stora Enso and SEE all announced CEO changes.

Next year’s pay data is sure to look different, too, as CEO transition announcements continued this year at Cascades, Amcor and O-I Glass. And, representative of a trend of ongoing industry consolidation, WestRock is no longer a standalone entity; Smurfit Kappa CEO Tony Smurfit is now CEO of Smurfit Westrock.

Tenure appears to have an impact on executive earnings. One major player that hasn’t seen recent turnover is Packaging Corporation of America, whose CEO Mark Kowlzan has held the role since 2010. Kowlzan was the packaging industry’s top-ranking CEO on the list of highest-paid S&P 500 company CEOs in 2023; he ranked 224 with total pay of $15.23 million that rose nearly 25% year over year, according to Wall Street Journal data. On that list, International Paper’s CEO ranked 276 and WestRock’s ranked 283.

Industry breakdown

Hover over the chart for specific data, organized in order of company revenue:

*Smurfit Kappa is included on this list because it was planning to acquire WestRock during 2023. Former Smurfit Kappa CEO Tony Smurfit is now the CEO of Smurfit Westrock, which is traded on the NYSE. Data based on July 31 exchange rate.

**SEE salary is for Ted Doheny, who departed in October, because it covers the majority of the year. This total does not include salaries for SEE’s interim co-CEOs, as they held other positions during the year.

Median employee ratios

In 2015, the U.S. Securities and Exchange Commission adopted a rule requiring each public company to disclose the ratio of compensation for its CEO to the median compensation of its employees.

Calculations may vary slightly between companies based on which full-time, part-time or temporary employees in different regions they opt to include or exclude. Companies on this chart are listed based on the size of the pay ratio.

*SEE annualized compensation for its two interim co-CEOs to make this calculation.

Smurfit Kappa was excluded because it was not required to report median pay ratios.

Five-year trends

*When the CEOs changed within the year only the salary of the person serving longest is included.

**Based on July 31 exchange rate

Company-level data

In 2022, the Securities and Exchange Commission instituted a rule requiring companies to disclose “compensation actually paid” to more closely measure the value of stock awards. Below is a breakdown of company-specific data for 2023, listed in order of company revenue.

WestRock President and CEO David Sewell

2023 company revenue: $20.3 billion
Base salary: $1,300,500
Stock awards, non-equity incentive plan compensation and all other compensation: $11,315,112
2023 total compensation: $12,615,612
2023 CAP: $11,092,519

International Paper Chairman and CEO Mark Sutton

2023 company revenue: $18.8 billion
Base salary: $1,450,000
Stock awards, non-equity incentive plan compensation and all other compensation: $11,395,526
2023 total compensation: $12,845,526
2023 CAP: $5,255,432

Amcor CEO Ron Delia

Fiscal year 2023 company revenue: $14.7 billion
Base salary: $1,742,877
Stock awards, option awards, non-equity incentive plan compensation and all other compensation: $5,563,118
2023 total compensation: $7,305,995
2023 CAP: -$1,817,920

Ball Chairman and CEO Dan Fisher

2023 company revenue: $14 billion
Base salary: $1,249,038
Stock awards, option awards, non-equity incentive plan compensation, change in pension value and non-qualified deferred compensation earnings, and all other compensation: $8,069,518
2023 total compensation: $9,318,556
2023 CAP: $12,840,113

Berry Global Chairman and CEO Tom Salmon

2023 company revenue: $12.7 billion
Base salary: $1,202,000
Stock awards, option awards, non-equity incentive plan compensation and all other compensation: $10,508,612
2023 total compensation: $11,710,612
2023 CAP: $23,659,702

Salmon left the CEO role in October 2023 and was replaced by Kevin Kwilinski. Berry did not report Kwilinski’s compensation for 2023. His annual base salary is $1,050,000.

Smurfit Kappa CEO Anthony Smurfit

2023 company revenue: $12.2 billion
Base salary: $1,283,916
Pension, benefits, shares and other compensation categories: $3,830,097
2023 total compensation: $5,114,013

All calculations based on July 31 exchange rate. Smurfit Kappa did not report CAP as an Ireland-based company for 2023.

Crown President and CEO Timothy Donahue

2023 company revenue: $12 billion
Base salary: $1,370,000
Stock awards, non-equity incentive plan compensation and all other compensation: $10,558,223
2023 total compensation: $11,928,223
2023 CAP: $16,258,848

Graphic Packaging President and CEO Michael Doss

2023 company revenue: $9.4 billion
Base salary: $1,316,300
Stock awards, non-equity incentive plan compensation, change in pension value and non-qualified deferred compensation earnings, and all other compensation: $10,621,203
2023 total compensation: $11,937,503
2023 CAP: $19,418,337

Packaging Corporation of America CEO Mark Kowlzan

2023 company revenue: $7.8 billion
Base salary: $1,433,580
Stock awards, non-equity incentive plan compensation, change in pension value and non-qualified deferred compensation earnings, and all other compensation: $13,794,610
2023 total compensation: $15,228,190
2023 CAP: $26,358,360

O-I President and CEO Andres Lopez

2023 company revenue: $7.1 billion
Base salary: $1,132,875
Stock awards, non-equity incentive plan compensation, change in pension value and non-qualified deferred compensation earnings, and all other compensation: $10,646,893
2023 total compensation: $11,779,768
2023 CAP: $14,408,779

Sonoco President and CEO Howard Coker

2023 company revenue: $6.8 billion
Base salary: $1,192,388
Stock awards and all other compensation: $7,346,205
2023 total compensation: $8,538,593
2023 CAP: $4,755,985

Silgan President and CEO Adam Greenlee

2023 company revenue: $5.9 billion
Base salary: $1,100,000
Stock awards, non-equity incentive plan compensation and all other compensation: $3,866,705
2023 total compensation: $4,966,705
2023 CAP: $4,152,625

SEE President and CEO Edward Doheny

2023 company revenue: $5.5 billion
Base salary: $1,329,820
Stock awards, non-equity incentive plan compensation and all other compensation: $14,387,444
2023 total compensation: $15,717,264
2023 CAP: $11,457,157

Doheny left the CEO role in October 2023 and was replaced by two interim co-CEOs who previously held other roles in the company. Emile Chammas, who also served as chief operating officer, earned $5,261,177 in 2023. Dustin Semach, who also served as CFO, earned $4,752,205.