Andres Lopez
Avery DennisonAbout Andres Lopez
Age 62; Independent director of Avery Dennison since February 2017. Former President & CEO of O-I Glass, Inc. (2016–May 2024), with prior leadership roles across the Americas and Latin America; brings packaging industry, materials science, and global operating expertise. Skills highlighted include environmental sustainability and supervisory experience in finance, marketing, M&A, cybersecurity, and R&D; worked extensively in Latin America .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| O-I Glass, Inc. | President & CEO | Jan 2016 – May 2024 | Led ~21K employees with $6.5B revenues in 2024; packaging and sustainability domain expertise . |
| O-I Glass, Inc. | COO & President, Glass Containers | Jan 2015 – Dec 2015 | Global operations leadership . |
| O-I Glass, Inc. | President, O-I Americas | Jul 2014 – Jul 2015 | Regional P&L oversight, strategy execution . |
| O-I Glass, Inc. | President, O-I Latin America | Apr 2009 – Jul 2014 | Regional leadership and market development in Latin America . |
External Roles
| Company | Role | Tenure | Notes |
|---|---|---|---|
| O-I Glass, Inc. | Public company board | Past five years | Listed under “Other Public Company Boards – Past Five Years” for Lopez . |
| — | — | Current | None listed for current public board service . |
Board Governance
| Item | Detail |
|---|---|
| Independence | Board affirmatively determined Lopez is independent under NYSE standards (2024 assessment; 2025 nominees: 7 of 9 independent) . |
| Board/Committee Service | Compensation Committee Member (current) . |
| Committee Meetings | Compensation Committee held 5 meetings in 2024; average attendance 89% across members . |
| Board Meetings | Board met 5 times; 27 total committee meetings; all directors attended ≥75% of their meetings; average attendance 98% . |
| Tenure on AVY Board | Director since February 2017 . |
| Committee Risk Oversight | Compensation Committee oversees executive compensation, succession, AIP/LTI, clawbacks, stockholder engagement on pay, and recommends non-employee director compensation . |
Fixed Compensation
| Component (2024) | Amount (USD) | Notes |
|---|---|---|
| Board Retainer | $115,000 | Per program effective at 2024 Annual Meeting . |
| Committee Chair Fees | $0 | Lopez not a chair; chair retainers: Audit $35K, Compensation $25K, Governance $25K . |
| Lead Independent Director Retainer | $0 | LID retainer is $45K (applies to Siewert) . |
| Meeting Fees | $0 | Not disclosed; program structured primarily via retainers . |
| All Other Compensation | $0 | No charitable match taken for Lopez in 2024 table . |
| Total | $297,043 | Cash $115,000 + Stock Awards $182,043 . |
Program context: Target RSU grant-date fair value $185K; Board retainer $115K; $10K charitable/education match; committee chair retainers noted above; capped at $600K per year for cash+equity per director .
Performance Compensation
| Award Type | Grant Date | Units | Grant-Date Fair Value (USD) | Vesting | Key Terms |
|---|---|---|---|---|---|
| RSUs (annual grant) | May 1, 2024 | 844 | $182,043 | One-year anniversary to align with annual elected term | RSUs fully vest upon death/disability; retirement at age 72; or termination within 24 months after change of control; cancelled if not reelected or leaves before vesting unless committee decides otherwise . |
Notes:
- Non-employee directors do not receive AIP bonuses, PSUs, or options; compensation is cash retainer plus time-based RSUs per program .
Other Directorships & Interlocks
| Relationship Type | Company | Status | Potential Interlock Exposure |
|---|---|---|---|
| Public company board | O-I Glass, Inc. | Past five years | Same broader packaging ecosystem as AVY, but AVY determined Lopez independent; no related person transactions disclosed in 2024 . |
| Current public boards | — | None | No current external public board conflicts disclosed . |
Expertise & Qualifications
- Packaging industry and materials science expertise; complements AVY’s Materials Group .
- Environmental sustainability experience tied to glass value chain; supervisory experience across finance, marketing, M&A, cybersecurity, and R&D .
- Global leadership; worked in Latin America .
Equity Ownership
| Holder | Common Stock | Rights Exercisable/Vesting ≤60 Days | Total Beneficially Owned | Percent of Class |
|---|---|---|---|---|
| Andres A. Lopez | 3,216 | 1,841 (DSUs under DDECP) | 5,057 | <1% (*) . |
Additional ownership and alignment:
- DSUs: Lopez had deferred compensation through DDECP, with 1,841 DSUs at FY2024 year-end .
- Stock Ownership Policy: Non-employee directors must own at least $500,000; 50% must be vested shares; DSUs and unvested time-based RSUs count toward compliance .
- Compliance status (YE 2024): Lopez ownership counted at 5,901 units; requirement achieved at 2x multiple .
- No pledging: “No shares pledged” by any director/officer; AVY prohibits pledging and hedging; written representations indicate full compliance in 2024 .
Governance Assessment
- Independence and committee role: Lopez is an independent director and active member of the Compensation Committee, which sets pay policy, succession planning, clawbacks, and recommends director pay; he is a signatory to the Committee’s CD&A inclusion recommendation .
- Attendance and engagement: Board met 5x; committees met 27x; all directors ≥75% attendance; Board average 98%. Compensation Committee held 5 meetings; average committee attendance 89%. While individual attendance for Lopez isn’t broken out, overall metrics indicate strong engagement .
- Pay and alignment: Lopez’s 2024 compensation is balanced, with majority equity via time-based RSUs ($182,043), aligning interests with shareholders; cash retainer $115,000; no “other” compensation taken; program targets median of Fortune 350–500 for director talent competitiveness .
- Ownership and risk controls: Meets/exceeds $500K ownership guideline at 2x multiple; AVY prohibits hedging/pledging; no shares pledged; insider trading controls and blackout windows enforced; directors must retain net shares until guideline achieved .
- Conflicts/related party: Governance Committee oversight; annual questionnaires; 2024 disclosed no related person transactions under Item 404(a) .
- RED FLAGS: None disclosed for Lopez. Monitoring items include maintaining guideline multiples and observing committee attendance trends (committee-wide average at 89% versus Board 98%) .
Overall signal: Independent, industry-experienced director with compensation skewed to equity RSUs and demonstrated ownership compliance; no related-party issues and strong governance controls reduce conflict risk .