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    Graphic Packaging Holding Co (GPK)

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    Graphic Packaging Holding Company (GPK) is a global leader in providing sustainable consumer goods packaging solutions. The company designs and manufactures a wide range of packaging products, including cartons, trays, carriers, cups, and lids, primarily made from renewable or recycled materials. GPK serves diverse markets such as food, beverage, healthcare, and beauty, with a strong focus on sustainability and innovation in its packaging solutions.

    1. Americas Paperboard Packaging - Produces paperboard packaging for consumer packaged goods companies in the food, beverage, and consumer product markets, as well as cups, lids, and food containers for foodservice companies and quick-service restaurants in the Americas.
    2. Europe Paperboard Packaging - Offers paperboard packaging for consumer packaged goods companies in the food, beverage, healthcare, and beauty markets across Europe.
    3. Paperboard Manufacturing - Operates North American facilities that produce recycled, unbleached, and bleached paperboard, primarily consumed internally for packaging production, with some sold externally to converters and brokers.
    4. Corporate and Other - Includes operations in the Pacific Rim and Australia, unallocated corporate costs, and eliminations.
    NamePositionExternal RolesShort Bio

    Michael P. Doss

    ExecutiveBoard

    President and Chief Executive Officer

    American Forest & Paper Association; Sustainable Forest Initiative; Paper Recycling Coalition; Atlanta Area Council of the Boy Scouts of America; Metro Atlanta Chamber of Commerce; Woodruff Arts Center; American Bird Conservancy; Regal Rexnord Corporation (RRX)

    Michael P. Doss is the President and Chief Executive Officer of Graphic Packaging Holding Company since January 1, 2016. Previously, he served in key executive roles including President and Chief Operating Officer from May 20, 2015 to December 31, 2015 and Chief Operating Officer from January 1, 2014 to May 19, 2015.

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    Joseph P. Yost

    Executive

    Executive Vice President and President, Americas

    Joseph P. Yost is the Executive Vice President and President, Americas of GPK, effective May 1, 2025. He has held several key leadership roles at GPK, including Executive Vice President and President, International from January 5, 2022 to April 30, 2025, and has served in multiple senior positions since the late 1990s.

    Stephen R. Scherger

    Executive

    Executive Vice President and Chief Financial Officer

    Stephen R. Scherger is the Executive Vice President and Chief Financial Officer at Graphic Packaging Holding Company since October 1, 2014, and previously served as Senior Vice President – Finance and Senior Vice President, Consumer Packaging Division from April 2012 through September 2014.

    Andrew P. Callahan

    Board

    Board of Directors

    Operating Advisor for Clayton, Dubilier & Rice; Director at Harry's Inc.

    Andrew P. Callahan joined the Board of Directors of Graphic Packaging Holding Company on July 19, 2024 and has a distinguished background with leadership roles in companies such as Hostess Brands, Tyson Foods, Hillshire Brands, Sara Lee Corporation, and Kraft Foods, along with early service in the United States Navy.

    Aziz Aghili

    Board

    Class II Director

    Member of the Board of Directors, Columbus McKinnon Corporation (since 2018) ; Member of the Board of Directors, NFI Group Inc. (since January 2025)

    Aziz Aghili has served as a Class II Director at GPK since March 1, 2022, and brings over 30 years of expertise in manufacturing and international business from leadership roles at Dana Incorporated and Meritor.

    Dean A. Scarborough

    Board

    Director

    Director at Beontag, Inc.

    Dean A. Scarborough has been serving as a Director on the Board of Graphic Packaging Holding Company since July 27, 2018, and he brings extensive expertise in the packaging and labeling industry from previous leadership roles at Avery Dennison Corporation.

    Larry M. Venturelli

    Board

    Member of the Board of Directors

    Larry M. Venturelli has served as a board member at Graphic Packaging Holding Company since May 25, 2016 and is the Chair of the Audit Committee. Previously, he was the Executive Vice President and Chief Financial Officer at Whirlpool Corporation from January 2012 to August 2016.

    Laurie Brlas

    Board

    Board of Directors

    Board of Directors at Albemarle Corporation; Board of Directors at Autoliv, Inc.

    Laurie Brlas has served on the Board of Directors at Graphic Packaging Holding Company since January 11, 2019. Previously, she held executive leadership roles including CFO positions at Newmont Mining Corporation, Cliffs Natural Resources, and STERIS Corporation, showcasing her expertise in financial management and corporate governance.

    Lynn A. Wentworth

    Board

    Member of the Board of Directors and Chair of the Compensation and Management Development Committee

    CyrusOne, Inc. - Chairman of the Board; Benchmark Electronics, Inc. - Chairman of the Audit Committee; Lineage, Inc. - Chairman of the Audit Committee

    Lynn A. Wentworth has served on the GPK Board of Directors since November 18, 2009 as Chair of the Compensation and Management Development Committee, bringing over 30 years of experience in public accounting and corporate finance. Previously, she held executive roles including CFO positions at BlueLinx Holdings, Inc. and BellSouth Corporation.

    Mary K. Rhinehart

    Board

    Director

    Chair of the Board at Johns Manville; Non-executive Director at CRH plc; Chair of Lubrizol

    Mary K. Rhinehart has served as a Director on the Board of GPK since February 16, 2021, contributing her financial expertise and strategic insight. She is also known for her extensive leadership roles, including Chair of the Board at Johns Manville, Non-executive Director at CRH plc, and Chair of Lubrizol.

    Philip R. Martens

    Board

    Chairman of the Board of Directors

    Chairman of the Board, International Automotive Components

    Philip R. Martens has served as Chairman of the Board of Directors at GPK since May 25, 2016 and has been a Board member since November 21, 2013. He is a seasoned leader with extensive experience in senior management and international operations, contributing to strong corporate governance.

    Robert A. Hagemann

    Board

    Director

    Chairman of the Audit Committee and member of the Corporate Governance Committee at Zimmer Biomet Holdings, Inc ; Member of the Audit Committee and Finance Committee at Ryder System, Inc

    Robert A. Hagemann joined the GPK Board on May 21, 2014. He is retired with extensive financial leadership experience, having served as Senior Vice President and CFO at Quest Diagnostics from May 2003 to July 2013.

    1. With your guidance indicating a modest negative pricing impact in 2025 and expectations to flip positive late in the year and into 2026, can you provide more detailed timelines and specific assumptions behind when and how your pricing initiatives will overcome current inflation pressures?
    2. Seeing that overall sales were essentially flat (excluding divestiture effects) with volumes in the Americas down about 1%, what specific changes in customer buying behavior are you observing, and how do you plan to drive volume recovery in the competitive CPG and QSR segments?
    3. Your EBITDA guidance at the midpoint is based on a minus 2% volume scenario combined with an inflation headwind of roughly $80 million; what strategies will you employ to mitigate these factors given that much of the challenge stems from external consumer retrenchment and cost inflation?
    4. Despite announcing a new $1.5 billion share repurchase authorization, are there defined financial or operational benchmarks—aside from the current strong balance sheet—that must be met before you begin executing these repurchases, especially in the face of ongoing volume pressures?
    5. Considering that the successful ramp-up of your Waco recycled paperboard facility is a significant pillar of your Vision 2030 plans, what are the principal risks that could delay its start-up, and what contingency measures do you have in place if the project encounters unexpected obstacles?
    Program DetailsProgram 1
    Approval DateApril 30, 2025
    End Date/DurationN/A
    Total Additional Amount$1.5 billion
    Remaining AuthorizationN/A
    DetailsTypically undertaken to return capital to shareholders, improve financial metrics, or signal confidence in future performance

    Competitors mentioned in the company's latest 10K filing.

    CompanyDescription

    The company is identified as the largest competitor within the paperboard packaging market, which is characterized by strong competition from a relatively small number of large competitors.

    Notable M&A activity and strategic investments in the past 3 years.

    CompanyYearDetails

    Bell Incorporated

    2023

    Completed on September 8, 2023, for approximately $262.5M (subject to customary adjustments); the deal included three converting facilities in Sioux Falls, SD and Groveport, OH and is expected to generate annual synergies of about $10M, expanding the customer base and integration rates.

    Tama Paperboard, LLC

    2023

    Completed on January 31, 2023, for approximately $100M (subject to working capital adjustments); the acquisition of the CRB mill in Tama, Iowa, was later followed by the facility’s closure in the second quarter as part of strategic operational optimization, with costs under $1M and financing via cash and a revolving credit facility.

    AR Packaging

    2021

    Completed on November 1, 2021, for about $1.45B in cash (with adjustments and funding through debt and cash held), the deal strategically enhanced Graphic Packaging’s global position in sustainable fiber-based consumer packaging by adding roughly $1.1B in sales, $160M in EBITDA, and expected $40M in synergies over 36 months, aided by forex hedging for a significant portion of the price.

    Recent press releases and 8-K filings for GPK.

    Graphic Packaging Holding Co Leadership Update and Compensation Adjustment
    GPK
    Management Change
    Executive Compensation
    • Ms. Maggie Bidlingmaier resigned as Executive Vice President and President, Americas effective May 1, 2025, with her employment ending on June 2, 2025.
    • Mr. Joseph P. Yost assumed the role of Executive Vice President and President, Americas effective May 1, 2025, with a 5.1% base salary increase to $765,000 and enhancements to his cash and long-term incentive plans.
    May 5, 2025, 12:00 AM
    Graphic Packaging Q1 2025 Results & Shareholder Returns Update
    GPK
    Earnings
    Share Buyback
    Dividends
    Guidance Update
    • Q1 2025 earnings: Net sales declined to $2.12B (down 6%), with GAAP net income of $127M and adjusted net income of $154M.
    • Shareholder returns: The Board approved a new $1.5B share repurchase authorization (total available now $1.865B as of April 30, 2025) and a 10% quarterly dividend increase to $0.11 per share.
    • Full-year guidance: 2025 outlook expects net sales of $8.2B–$8.5B, adjusted EBITDA of $1.4B–$1.6B, and adjusted EPS of $1.75–$2.25.
    • Operational performance: Adjusted EBITDA declined to $365M (17.2% margin vs 19.6% last year), with volume shifts of –1% in the Americas and +3% internationally.
    • Repurchase execution: The authorization supports purchases via open market, privately negotiated transactions, and Rule 10b5-1 plans, contingent on market conditions and the company’s financial situation.
    May 1, 2025, 10:15 AM
    Graphic Packaging Closes Middletown Facility
    GPK
    Layoffs
    New Projects/Investments
    • Graphic Packaging Holding Co announced the permanent closure of its Middletown, Ohio paperboard manufacturing facility, effective on or about June 1, 2025.
    • The closure is part of a consolidation strategy that will shift production to facilities in Kalamazoo, Michigan and Waco, Texas, aimed at enhancing efficiency and environmental performance.
    • The decision will result in a workforce reduction affecting approximately 130 employees.
    Apr 1, 2025, 11:30 AM
    Graphic Packaging Outlines Strategic Priorities at Investor Conference
    GPK
    M&A
    Share Buyback
    New Projects/Investments
    • CEO Mike Doss highlighted the company's evolution under Vision 2025, emphasizing expanded capabilities, improved product mix, enhanced market segmentation, and increased scale across North America and Europe.
    • The management reiterated a disciplined capital allocation strategy that prioritizes shareholder returns through growing dividends and share buybacks over new M&A activity.
    • Key investments such as the new Waco facility are expected to deliver incremental EBITDA improvements in 2026 and 2027 while maintaining margin stability through strategic pricing adjustments.
    Mar 3, 2025, 3:26 PM
    Graphic Packaging 2024/2025 Guidance & Consumer Packaging Transition
    GPK
    Guidance Update
    New Projects/Investments
    • Graphic Packaging is strategically transitioning to a consumer packaging company, boosting sales from $4.4B to $8.8B with sustained 19% EBITDA margins .
    • The investor presentation highlights 2024 financial metrics with Net Sales of $8.8B and Adjusted EBITDA of $1.7B .
    • 2025 guidance was provided with sales between $8.6B-$8.8B, Adjusted EBITDA of $1.66B-$1.76B, and Adjusted EPS ranging $2.48-$2.73 .
    • A major investment at Waco includes a recycled paperboard facility expected to add $160M incremental EBITDA and production set to begin in Q4 with significant cash flow anticipated from 2026 .
    • The presentation underscores long-term Vision 2030 financial and sustainability commitments .
    • Innovation is emphasized through acquisitions such as AR Packaging and new products like Boardio and Paperseal driving future growth .
    Feb 27, 2025, 12:00 PM