Blythe McGarvie
SONOCO PRODUCTSAbout Blythe J. McGarvie
Independent director since 2014; age 68. Former instructor in accounting at Harvard Business School (2012–2014), Certified Public Accountant with a CERT Certificate in Cybersecurity Oversight (Carnegie Mellon SEI). Prior CFO roles at BIC Group and Hannaford Bros. Co.; founder/CEO of Leadership for International Finance, LLC. Current Sonoco committee roles: Audit member, Employee and Public Responsibility member, and Chair of the Financial Policy Committee .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Harvard Business School | Instructor (Accounting) | 2012–2014 | Educator; accounting expertise |
| BIC Group | Chief Financial Officer | Not disclosed | Financial leadership |
| Hannaford Bros. Co. | Chief Financial Officer | Not disclosed | Financial leadership |
| Leadership for International Finance, LLC | Founder & CEO | Not disclosed | Global finance advisory |
External Roles
| Company | Ticker | Role | Notes |
|---|---|---|---|
| Apple Hospitality REIT, Inc. | APLE | Director | Current |
| LKQ Corporation | LKQ | Director | Current |
| Cineworld Group | — | Director | Current |
| Wawa, Inc. | — | Director | Current |
| Viacom, Inc. | — | Director | Prior (2007–2017) |
| Accenture plc | — | Director | Prior (2001–2017) |
| Travelers Insurance | — | Director | Prior (2003–2011) |
| Pepsi Bottling Group | — | Director | Prior (2002–2010) |
| Lafarge NA | — | Director | Prior (2004–2006) |
Board Governance
| Attribute | Detail |
|---|---|
| Independence | Board determined independent |
| Board tenure | Director since 2014 |
| 2024 attendance | All directors attended ≥75% of aggregate Board/committee meetings; all then-serving directors attended the 2024 Annual Meeting |
| Committees (2024) | Audit (8 meetings), Executive Compensation (4), Corporate Governance & Nominating (4), Employee & Public Responsibility (4), Financial Policy (4), Executive (3) |
| McGarvie’s assignments | Audit (member) ; Employee & Public Responsibility (member) ; Financial Policy (Chair) |
| Lead Independent Director | Robert R. Hill, Jr.; presides over executive sessions and governance processes |
Fixed Compensation
| Component | Amount | Source |
|---|---|---|
| Fees Earned or Paid in Cash (2024) | $127,500 | |
| Stock Awards (2024) | $145,000 | |
| Total (2024) | $272,500 |
| Retainer Structure (Quarterly) | Amount |
|---|---|
| Cash retainer (non-employee director) | $27,500 per quarter |
| Equity retainer (deferred stock equivalent units) | $36,250 per quarter |
| Committee Chair fee (Financial Policy) | $4,375 per quarter |
| Audit Chair fee | $6,250 per quarter |
| Executive Compensation Chair fee | $5,000 per quarter |
| Lead Independent Director fee | $7,500 per quarter |
| Chairman of the Board fee | $37,500 per quarter |
Performance Compensation
| Equity program element | Detail |
|---|---|
| Annual equity grants (directors) | Quarterly deferred stock equivalent units; mandatory deferral until six months post-board service; accrues dividend equivalents |
| Blythe’s 2024 deferrals | $145,000 deferred into stock equivalent units; payout schedule election: 1 year |
| Performance metrics in director pay | None disclosed for directors; equity is retainer-based and time-deferred |
Other Directorships & Interlocks
- Current public boards: Apple Hospitality REIT (APLE) and LKQ Corporation (LKQ) .
- No related-party transactions disclosed involving Ms. McGarvie; Sonoco’s related-party policy requires Corporate Governance & Nominating Committee approval for transactions >$120,000, and 2024 disclosure references CEO/Chairman family relationship (not related to McGarvie) .
- Anti-hedging and anti-pledging policies in place; all directors compliant as of Dec 31, 2024 .
Expertise & Qualifications
- Certified Public Accountant; CERT Certificate in Cybersecurity Oversight (Carnegie Mellon SEI) .
- Former CFO (BIC Group, Hannaford Bros. Co.), global finance leadership, Harvard Business School accounting instructor .
- Audit Committee member (not designated audit committee financial expert; financial experts are Theresa J. Drew and Thomas E. Whiddon) .
- Chairs Sonoco’s Financial Policy Committee overseeing capital structure, financing transactions, financial risk management, and benefit plan funding/investments .
Equity Ownership
| Metric | Value |
|---|---|
| Beneficial ownership (direct shares) | 0 shares |
| Deferred Compensation Units (beneficial ownership table) | 27,993 units |
| Deferred Stock Equivalent Units at FY-end (director table) | 27,238 units; value $1,330,585 (at $48.85 close on Dec 31, 2024) |
| Ownership as % of shares outstanding | 0% (less than 1%) |
| Director stock ownership guidelines | Targets: 3,000 (2 years), 5,000 (4 years), 8,000 (6 years); all directors in compliance |
Governance Assessment
- Strengths: Independent status; strong attendance record; chairs Financial Policy Committee (financial oversight); meaningful ownership alignment via mandatory equity deferrals; compliance with anti-hedging/anti-pledging and clawback policies; robust committee structure with clear responsibilities .
- Shareholder sentiment: Say-on-Pay approval 96.5% in April 2024, indicating broad support for compensation governance (executive pay program) .
- Monitoring points:
- Multiple external board commitments (APLE, LKQ, Cineworld, Wawa) may warrant ongoing assessment of time commitments and potential informational interlocks; no specific conflicts disclosed .
- Board-level related-party context: CEO is brother-in-law of the Chairman; while not involving McGarvie, this family tie is a governance risk factor to monitor for independence of leadership .
- Policies and controls: Active related-party transaction approval process; annual independence reviews; lead director governance; committee independence; cybersecurity oversight under Audit Committee .
RED FLAGS
- Family relationship between CEO (R. Howard Coker) and Chairman (John R. Haley) noted in proxy; potential perception risk for board independence and oversight, though committees are majority independent .