Robbert Rietbroek
GRAPHIC PACKAGING HOLDINGAbout Robbert Rietbroek
Robbert E. Rietbroek, 52, is President and CEO of Graphic Packaging Holding Company and a director since January 1, 2026. He brings more than 25 years of global leadership experience across some of the world's largest consumer products companies, including PepsiCo, Kimberly-Clark, Procter & Gamble, Primo Water, and Primo Brands. He holds a Master's degree from Maastricht University in the Netherlands and has three packaging design patents.
Mr. Rietbroek was appointed CEO following a confidential search led by Korn Ferry. The Board selected him for his extensive CPG expertise and track record of delivering value-creating results, positioning him to drive organic growth and world-class execution. He succeeds Michael P. Doss, who served as CEO from 2016-2025 and helped transform Graphic Packaging into an industry leader.
Company performance snapshot (calendar years)
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Company TSR - $100 initial value | 103.95 | 121.60 | 140.89 | 158.66 | 177.28 |
| Net Income ($USD Millions) | $167 | $204 | $522 | $723 | $658 |
| Adjusted EBITDA ($USD Millions) | $1,070 | $1,056 | $1,600 | $1,876 | $1,682 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Primo Brands Corporation | Chief Executive Officer & Director | Nov 2024 - Nov 2025 | Led newly combined entity post-merger; named one of America's Greenest Companies by Newsweek |
| Primo Water Corporation | Chief Executive Officer & Director | Jan 2024 - Nov 2024 | Drove growth, operational excellence; led transformative merger with BlueTriton Brands |
| PepsiCo - Quaker Foods North America | Senior Vice President & General Manager | 2019 - 2024 | Oversaw end-to-end operations and P&L; achieved significant volume and revenue growth over 5-year tenure |
| PepsiCo Australia & New Zealand | Senior Vice President & General Manager | Prior to 2019 | Led regional business performance |
| Kimberly-Clark | Vice President & Global Sector Leader, Baby and Child Care | Prior roles | Led global category strategy |
| Kimberly-Clark Australia & New Zealand | Vice President & General Manager | Prior roles | Responsibility for Millicent Mill, one of largest paper tissue facilities in Asia-Pacific |
| Procter & Gamble | Various positions (15 years) | Early career | Strategic initiatives and brand development across Europe, South America, and the United States |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| American Forest & Paper Association | Board of Directors | Current | Industry association |
| Metro Atlanta Chamber | Board of Directors, Executive Committee | Current | Regional business leadership |
| Wall Street Journal CEO Council | Member | Current | CEO peer network |
| Consumer Brands Association | Director | Previous | Industry association |
| World Business Chicago | Director | Previous | Regional business development |
| Australian Food and Grocery Council | Director | Previous | Industry policy |
| American Chamber of Commerce Australia | Director | Previous | Business/trade association |
Fixed Compensation
| Component | 2026 (Initial) |
|---|---|
| Base Salary ($) | $1,350,000 |
| Target Bonus (% of salary) | 150% |
| Target Bonus ($) | $2,025,000 |
| Target LTIP (% of salary) | 560% |
| Target LTIP ($) | $7,560,000 |
| Target Total Direct Compensation | ~$10,935,000 |
Notes:
- CEO base salary and targets set per Employment Agreement effective January 1, 2026
- Target total direct pay positioned competitively with peer group
- Compensation consultant Willis Towers Watson (WTW) supports benchmarking
Sign-On Equity Grant
| Award Type | Grant Date | Value | Vesting Schedule |
|---|---|---|---|
| Sign-On Time-Based RSUs | January 1, 2026 | $4,000,000 | 1/3 vesting annually over 3 years on anniversary of start date |
Long-Term Incentive Structure (2026 Ongoing)
| Award Type | Target Value (% of Salary) | Description |
|---|---|---|
| Performance RSUs | ~373% (2/3 of 560%) | Vest based on 3-year Adjusted EBITDA, ROIC, Organic Revenue Growth with TSR modifier +/-20%; payout 0-200% of target |
| Service RSUs | ~187% (1/3 of 560%) | 1/3 vesting each at 1, 2, 3-year anniversaries |
Performance Metrics for LTIP (based on GPK historical structure):
- Adjusted EBITDA (40% weight)
- Return on Invested Capital (40% weight)
- Organic Revenue Growth (20% weight)
- Relative TSR modifier: +/-20% adjustment to payout
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Sign-on RSU grant | $4,000,000 (granted January 1, 2026) |
| Current beneficial ownership | To be disclosed in future proxy filings |
| Ownership guidelines | CEO must hold >=6x base salary ($8,100,000 in stock) |
| Timeline to compliance | 5 years from becoming subject to guidelines |
| Insider hedging/pledging | Prohibited by policy; no pledging allowed |
| Clawback policy | Subject to mandatory and discretionary recovery of erroneously-awarded compensation |
Employment Terms
Key Contract Provisions (CEO)
The Rietbroek Employment Agreement, effective January 1, 2026, includes:
- Term: Employment at-will with no definite term
- Reporting: Reports solely to the Board of Directors
- Relocation: Required to relocate to Atlanta, Georgia by September 21, 2026; travel expenses reimbursed until relocation
- Vacation: 5 weeks paid vacation annually
- Non-compete: 1-year post-termination restriction on working for competitors
- Non-solicitation: 1-year post-termination restriction on soliciting employees and customers
Good Reason Definition includes:
- Material diminution in duties or responsibilities
- Material reduction in base salary (unless <=10% and applied uniformly)
- Material breach by Company
- Mandatory relocation >50 miles
Potential Payments Upon Termination
| Scenario | Cash Severance | Pro-Rata Bonus | Equity Treatment | Benefits |
|---|---|---|---|---|
| Death/Disability | Base salary through termination + 1 month (death only) | Pro-rata target bonus | Per plan/award terms | Standard |
| Without Cause / Good Reason (pre-CIC) | 2x base salary + 2x target bonus ($6,750,000) | Pro-rata actual bonus | Pro-rata vesting of performance RSUs based on actual performance | 18 months COBRA subsidy + $25,000 outplacement |
| Without Cause / Good Reason (within 2 years post-CIC) | 2x base salary + 2x target bonus ($6,750,000) | Pro-rata target bonus | Accelerated per plan terms | 2 years COBRA subsidy + $25,000 outplacement |
Change-in-Control Definition includes:
- Incumbent directors cease to constitute board majority
-
=30% beneficial ownership change
- Qualifying reorganization/merger
- Sale of substantially all assets
- Approved liquidation/dissolution
Board Governance
| Item | Detail |
|---|---|
| Board role | Director (Class I) effective January 1, 2026; not independent due to executive status |
| Committees | Not a member of Audit, Compensation, or Nominating committees; serves only on the Board |
| Board leadership | Independent Chairman (Philip R. Martens) since 2016; separate Chair/CEO structure |
| Director compensation | None - CEO receives no additional director pay while serving as executive |
| Board attendance | All directors attended >=94% of meetings in 2024 |
| ESG oversight | Nominating Committee; Audit Committee oversees cybersecurity; Compensation Committee oversees culture/talent |
Compensation Peer Group and Committee Practices
Industry Peer Group (for CEO benchmarking): Amcor plc, Avery Dennison Corporation, Ball Corporation, Berry Global Group, Inc., Crown Holdings, Inc., Greif, Inc., International Paper Company, O-I Glass, Inc., Packaging Corporation of America, Inc., Pactiv Evergreen Inc., Sealed Air Corporation, Silgan Holdings, Inc., Sonoco Products Company, WestRock Company
Key Compensation Practices:
- Majority of compensation is performance-based
- Stock ownership guidelines (6x salary for CEO)
- Clawback policy for restatements and misconduct
- Independent compensation consultant (WTW)
- Annual Say-on-Pay vote
- No hedging/pledging permitted
- No tax gross-ups on change-of-control severance
- No dividends on unvested equity
Say-on-Pay & Shareholder Feedback
| Year | Say-on-Pay Approval |
|---|---|
| 2022 | 91% |
| 2023 | 92% |
| 2024 | 91.5% |
Related Party Transactions, Risk Indicators & Red Flags
| Item | Assessment |
|---|---|
| Related party transactions | Policy overseen by Audit Committee; transactions >$120,000 reviewed |
| Prior relationships with GPK | None disclosed; no relationship requiring disclosure under Item 401(d) or 404(a) of Regulation S-K |
| Clawback policy | In place; no restatement-triggered recoveries in 2024 |
| Hedging/pledging | Prohibited |
| Stock options | None - equity is RSU/PSU-based |
| Governance structure | Separate Chair/CEO mitigates dual-role concerns |
Compensation Structure Analysis
- Mix shift toward at-risk pay: CEO total target compensation is heavily weighted toward incentive compensation (150% target bonus + 560% LTIP vs. 100% base salary), ensuring strong alignment with performance
- Sign-on equity retention: $4 million sign-on RSU grant vesting over 3 years creates strong retention incentive during initial tenure
- Long-term alignment: LTIP emphasizes ROIC, Adjusted EBITDA, and organic growth with TSR modifier - historically paying well only when multi-year goals are met; 2024 MIP demonstrated downside sensitivity (26% payout)
- Competitive positioning: Target compensation positioned at approximately median of industry peer group
- Best practices: No hedging/pledging, robust clawbacks, 6x salary ownership guideline; no tax gross-ups on CIC
Investment Implications
- Fresh leadership amid challenges: Mr. Rietbroek was appointed amid a ~50% decline in GPK's share price over the prior year. The Board initiated the CEO transition to restore value and accelerate Vision 2030 execution.
- CPG expertise: Extensive consumer packaged goods background at PepsiCo, Kimberly-Clark, and Procter & Gamble positions him to understand customer needs and drive organic growth through innovation.
- Transformation track record: Led Primo Water's transformative merger with BlueTriton Brands, demonstrating M&A and integration capabilities.
- Alignment: Compensation structure with 560% LTIP target and $4M sign-on equity creates strong incentive alignment with shareholders; 6x salary ownership requirement ensures long-term skin in the game.
- Governance quality: Separate Chair/CEO structure, independent board oversight, high Say-on-Pay support (>91%), and robust compensation policies reduce governance risk.
- Near-term focus areas (per CEO): Cost and production optimization, Vision 2030 execution, free cash flow improvement, and creating innovative sustainable packaging solutions.
- Activist involvement: Eminence Capital has been engaged with the company; GPK reiterated commitment to Vision 2030 and confidence in new leadership.
Data sourced from GPK 8-K filed December 8, 2025, 2025 Proxy Statement (DEF 14A), and company press releases.