Kevin Kwilinski
BERYAbout Kevin Kwilinski
Chief Executive Officer of Berry Global (effective October 2, 2023) and a member of the Board of Directors. Previously CEO of Multi-Color Corporation, Fort Dearborn Company, Paperworks Industries, and Portola Packaging; earlier roles at Graphic Packaging. Education: B.A. in Physics & Mathematics (Greenville College) and M.S. in Industrial & Operations Engineering (University of Michigan). Reported age 54 at the time of his appointment announcement (Aug 2023) .
Governance note: On the day he became CEO, the Board elected Stephen Sterrett (independent) as Chairman, separating the Chair/CEO roles .
Strategic context: During his tenure, Berry entered into and completed a transformational combination with Amcor (closed April 30, 2025), creating a global packaging leader .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Multi-Color Corporation | President & CEO | Oct 2021 – Aug 2023 | Led and integrated multiple acquisitions; drove EBITDA and revenue growth . |
| Fort Dearborn Company | CEO | 2017 – 2021 | Led company until merger with Multi-Color in July 2021 . |
| Paperworks Industries | CEO | 2014 – 2017 | Supported aggressive go-to-market and continuous improvement programs . |
| Portola Packaging | CEO | 2009 – 2013 | Drove value-creation plan culminating in sale to Silgan Holdings . |
| Graphic Packaging | Various leadership roles | Prior | Cross-functional leadership experience across the organization . |
External Roles
- None publicly disclosed for current public company directorships beyond service on Berry’s Board as CEO-director .
Fixed Compensation
| Component | Amount / Policy | Source |
|---|---|---|
| Base Salary | $1,050,000 per year (subject to annual review) | |
| Target Annual Bonus | 125% of base salary (performance-based STI set by Board) | |
| Initial RSU Grant (sign-on) | $9,000,000 grant-date value; vests 1/3 annually over 3 years | |
| Next Regular LTI Award | $7,200,000 grant-date value at next annual grant cycle | |
| Relocation/Legal | Relocation reimbursement (with limited clawback if leaving within 6 months); up to $35,000 legal fee reimbursement for agreement negotiation |
Performance Compensation
| Incentive | Metric(s) | Weight | Target | Actual/Payout | Vesting | Source |
|---|---|---|---|---|---|---|
| Annual STI | Board-set performance objectives (not itemized in filing) | — | 125% of base salary | Not disclosed | Annual, cash | |
| Sign-on RSUs | Service-based | — | $9.0M grant value | N/A | 1/3 per year over 3 years | |
| Regular LTI | Mix not detailed; equity-based | — | $7.2M grant value | Not disclosed | Per award agreements |
Clawbacks: Berry maintains an Amended and Restated Compensation Recovery Policy (filed as Exhibit 97.1) covering incentive compensation recoupment; aligns with Dodd-Frank/NYSE standards .
Equity Ownership & Alignment
- Initial equity alignment via $9M RSU sign-on and subsequent $7.2M LTI award; multi-year vesting incentivizes retention and share price alignment .
- Company-level clawback policy in place (see above) .
- Beneficial share ownership levels, pledged shares, and guideline compliance were not disclosed in the retrieved documents.
Employment Terms
| Term | Detail | Source |
|---|---|---|
| Term Length | Initial five-year term with automatic one-year renewals unless either party gives 90 days’ notice | |
| Position | Chief Executive Officer; reports to Board; also serves as Director | |
| Change-in-Control (CIC) Severance | If terminated without cause or resigns for good reason within 2 years of a “change in control”: 1.5× (base + target bonus) cash; pro-rata current-year bonus; benefit continuation; and equity treatment per plan; double-trigger structure | |
| Quantified CIC “Golden Parachute” (Illustrative) | Cash severance: $3,899,743; Benefits: $24,000; Equity acceleration: $21,816,463; Total: $25,740,206 (as disclosed in DEFM14A quantification) | |
| Other Terms | Relocation assistance with repayment requirement if certain early termination; legal fee reimbursement up to $35,000 |
Board Governance
- Role: CEO and Director of Berry; signed company’s 2024 10-K as CEO and Director (non-independent by virtue of executive role) .
- Chair/CEO Split: Stephen Sterrett named Chairman effective Oct 2, 2023; Kwilinski is not Chair (helps mitigate dual-role concerns) .
- Committee Roles: No committee service disclosed for Kwilinski (typical for executives).
- Independence/Lead Director: Chair is independent; supports independent oversight .
Performance & Track Record
- Leadership history emphasizes operational excellence, margin expansion, and integration of acquisitions at prior firms (Multi-Color, Fort Dearborn, Portola) .
- Strategic milestone at Berry: Oversaw pursuit and completion of combination with Amcor (closed April 30, 2025), with significant identified synergies highlighted by Amcor post-close .
Risk Indicators & Red Flags
- CIC Economics: Large equity acceleration potential and 1.5× cash multiple could create near-term turnover/retention dynamics post-transaction; however, structure is double-trigger, aligning payouts to actual job loss .
- Clawback: Policy filed—supports shareholder-friendly recoupment if needed .
- Pledging/Hedging: No disclosures found in retrieved documents.
Compensation Structure Analysis
- Pay Mix: Heavy equity component via $9M sign-on RSUs plus $7.2M LTI aligns incentives to long-term value; STI at 125% target increases at-risk cash .
- Vesting: Three-year ratable vesting on sign-on RSUs smooths potential selling pressure cadence but concentrates value realization in first three anniversaries .
- CIC Design: Double-trigger standard; quantification indicates substantial equity value tied to performance/vesting status at the event date .
Investment Implications
- Alignment: Large, multi-year equity grants and a robust STI target indicate strong alignment with share price and operating performance over time .
- Retention/Turnover Risk: Post-merger CIC provisions (double-trigger) and quantified golden parachute suggest meaningful payouts upon qualifying termination; investors should monitor leadership retention and transition plans under Amcor ownership .
- Governance: Independent Board Chair and clawback policy are positives for oversight and pay discipline .
Sources include Berry’s CEO appointment press release; CEO employment agreement summary; independent business media coverage of compensation terms; Berry’s 10-K signatures and clawback exhibit; and SEC merger proxy filings quantifying CIC economics .