Patrick Siewert
Avery DennisonAbout Patrick T. Siewert
Patrick T. Siewert (age 69) has served on Avery Dennison’s board since April 2005 and is currently the Lead Independent Director. He is independent under NYSE standards, an Audit Committee financial expert, and serves on the Audit, Governance, and Finance Committees; he was formerly Chair of the Audit and Governance Committees . In 2025, the independent directors re-elected him Lead Independent Director for a one-year term, reflecting strong engagement and oversight during management’s leadership transition .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Restaurant Brands International | Advisory Chairman, Asia | Since May 2024 | Regional advisory role; industry relationships |
| The Carlyle Group | Managing Director, Partner and Head of Consumer, Media & Retail, Asia | Apr 2007–Jun 2023 | 15+ years M&A and finance leadership; consumer sector expertise |
| The Coca-Cola Company | Executive Committee Member; Group President, Asia | Aug 2001–Mar 2007 | Regional P&L leadership; marketing and R&D oversight |
External Roles
| Organization | Role | Public Company? | Status |
|---|---|---|---|
| Mondelēz International, Inc. | Director | Yes | Current |
| Restaurant Brands International | Advisory Chairman, Asia | Yes | Current (advisory role, not a board seat) |
Board Governance
- Current roles: Lead Independent Director; member—Audit, Governance, and Finance Committees .
- Independence: Determined independent; designated Audit Committee financial expert alongside Ward Dickson .
- Attendance and engagement: Board met 5 times in 2024; committees held 27 meetings; average board/committee attendance 98% (all directors ≥75%); Siewert presided over three executive sessions of independent directors in 2024 .
- Committee activity in 2024:
- Audit: 7 meetings; avg attendance 100% .
- Governance: 12 meetings; avg attendance 97%; nearly half devoted to new director search; current members include Siewert (Chair: William Wagner) .
- Finance (non-independent committee): 3 meetings; avg attendance 100%; Siewert is a member .
- Lead Independent Director responsibilities include presiding over executive sessions, approving agendas/schedules, calling independent director meetings, and shareholder consultation; he led off-season shareholder engagement and director succession process as Governance Chair through April 2024 .
Fixed Compensation
| Component | Amount ($) | Notes |
|---|---|---|
| Board Retainer | 115,000 | Approved in 2024 program review |
| Lead Independent Director Retainer | 45,000 | Increased in 2024 program review |
| Committee Chair Fees | – | Not a chair in current term |
| All Other Compensation (charitable match) | 5,000 | Company match of qualified donations |
| Fees Earned or Paid in Cash (Total) | 160,000 | Retainer plus LID retainer |
| 2024 Director Compensation Mix | Cash ($) | Stock Awards ($) | Total ($) |
|---|---|---|---|
| Patrick T. Siewert | 160,000 | 182,043 | 347,043 |
Performance Compensation
| Equity Award | Grant Date | Shares Granted | Grant Date Fair Value ($) | Vesting | Change-of-Control / Accelerated Vesting | Status at YE 2024 |
|---|---|---|---|---|---|---|
| RSUs (annual director grant) | May 1, 2024 | 844 | 182,043 | Vest after 1 year (time-based) | Unvested RSUs fully vest upon death, disability, retirement from board after age 72, or termination within 24 months after a change of control; otherwise cancelled if not reelected or depart early unless otherwise determined | 844 unvested RSUs at YE 2024 |
- Performance conditions: None for director RSUs; awards are time-based and aligned to one-year board terms .
Other Directorships & Interlocks
| Company | Role | Potential Interlocks/Conflicts |
|---|---|---|
| Mondelēz International, Inc. | Director | No related person transactions disclosed for 2024; independence affirmed by AVY board processes . |
| Restaurant Brands International | Advisory Chairman, Asia | Advisory role; AVY disclosed no related person transactions in 2024 . |
Related-party/Conflict controls: Governance Committee oversees related-person transactions and conflicts of interest; none required disclosure in 2024 .
Expertise & Qualifications
- Audit Committee financial expert designation; financially literate under SEC/NYSE standards .
- 30 years experience in Asia Pacific; functional expertise in finance and M&A, plus supervisory experience in marketing and R&D .
- Industry experience in consumer goods and materials/industrial sectors, relevant to AVY’s end markets .
- Board leadership and shareholder engagement experience (Lead Independent Director responsibilities; off-season engagements) .
Equity Ownership
| Measure | Value | Notes |
|---|---|---|
| Beneficially owned shares | 17,934 | Sole voting/investment power; not pledged |
| Percent of class | <1% | Based on 78,965,996 shares outstanding |
| Unvested RSUs held at YE 2024 | 844 | Director annual grant |
| Ownership counted for stock ownership policy | 18,778 | Includes RSUs/DSUs per policy; meets requirement |
| Stock ownership policy minimum (non-employee directors) | $500,000 | 50% must be vested shares |
| Compliance status and multiple achieved | Achieved; 7x | Reviewed by Compensation & Governance Committees |
| Shares pledged as collateral | None | Explicitly disclosed |
Governance Assessment
- Board effectiveness: Siewert provides robust independent oversight as Lead Independent Director, presiding over executive sessions, shaping agendas, and leading shareholder engagement and director succession; committee service spans Audit (financial expert), Governance, and Finance with strong attendance metrics across committees .
- Alignment: High ownership alignment—7x the $500k director minimum, with no pledging; equity compensation via time-based RSUs promotes alignment without short-term risk incentives .
- Compensation structure: Cash retainers and annual RSUs set at market-competitive levels following an independent review by WTW; Siewert’s 2024 mix was balanced between cash and equity, consistent with non-employee director norms .
- Conflicts and related-party exposure: AVY reports no related person transactions in 2024; independence and conflict oversight processes are active under Governance Committee supervision .
- RED FLAGS: None disclosed—no pledging, no related-party transactions, and high committee engagement/attendance .