Sealed Air fired its chief financial officer, Bill Stiehl, for cause, effective immediately.
The company said the firing was related to an internal review by the board’s audit committee in connection with a previously disclosed Securities and Exchange Commission investigation into the company’s accounting practices.
In an earnings report last August, Sealed Air announced it received a subpoena from the SEC on June 25, 2018, requesting records related to income taxes and other financial reporting. On May 2 of this year, the company received a second subpoena for documents and information about “the process by which the company selected its independent audit firm for the period beginning with fiscal year 2015,” and about that firm’s independence.
In a statement on Thursday, Sealed Air said that it “is continuing to cooperate with the SEC’s investigation.”
Stiehl began as interim CFO in October 2017, after the departure of Carol Lowe. At the same time, the company was selling its cleaning products company, Diversey, and other businesses, to Bain Capital Private Equity. Longtime chief executive officer Jerome Peribere left the company in December 2017.
Stiehl was named CFO on a permanent basis in June 2018.
James Sullivan was named Sealed Air’s new CFO, effective this Monday.
Sullivan was executive vice president and CFO of Joy Global, a mining-equipment company, from 2012 to 2017 and was CFO of Solutia from 2004 until it was acquired by Eastman Chemical Company in 2012.
In its statement, Sealed Air also reaffirmed its 2019 earnings outlook of an adjusted EBITDA of about $925 million to $945 million and adjusted earnings per share in the range of $2.65 to $2.75 for the full year.
“Having worked alongside Jim at Joy Global, I have seen firsthand his ability to lead top-notch finance organizations,” CEO Ted Doheny said in the statement. “With his deep industry experience and outstanding track record, Jim will add significant value to our company at this pivotal time.”