Eleni Istavridis
SONOCO PRODUCTSAbout Eleni Istavridis
Eleni Istavridis, age 67, has served as an independent director of Sonoco since 2020, bringing extensive global banking and manufacturing experience, including senior leadership roles across Asia; she currently serves on Sonoco’s Employee and Public Responsibility Committee and the Financial Policy Committee and is deemed independent under NYSE standards . Her career includes Executive Vice President and Head of Investment Services for Asia at BNY Mellon (2011–2015), Managing Partner at Adept Capital Partners, President & COO at Tristate Holdings, and senior roles at Deutsche Bank and Bankers Trust; she also serves on the board of Sappi Limited (OTCMKTS: SPPJY) .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Bank of New York Mellon | Executive Vice President and Head of Investment Services for Asia | 2011–2015 | Member of Global Operating Committee and Global Investment Services Executive Committee |
| Adept Capital Partners | Managing Partner | Not disclosed | Not disclosed |
| Tristate Holdings (Asia-based apparel manufacturing) | President & COO | Not disclosed | Not disclosed |
| Deutsche Bank; Bankers Trust | Senior leadership positions in U.S. and Asia | “Spanning 33 years” across financial services/manufacturing (aggregate) | Not disclosed |
External Roles
| Organization | Role | Tenure | Committees |
|---|---|---|---|
| Sappi Limited (OTCMKTS: SPPJY) | Director | Not disclosed | Not disclosed |
Board Governance
- Committee memberships: Employee and Public Responsibility; Financial Policy; both are fully independent committees .
- 2024 meetings: Board (11), Audit (8), Executive Compensation (4), Corporate Governance & Nominating (4), Employee & Public Responsibility (4), Financial Policy (4), Executive (3) .
- Attendance: All directors attended at least 75% of Board and committee meetings; all then-serving directors attended the 2024 Annual Meeting .
- Independence: Board determined Istavridis and a majority of directors are independent per NYSE standards .
- Shareholder support: Re-elected April 16, 2025 with 75,183,268 votes for, 208,531 against, 135,418 abstain; broker non-votes 13,379,314 .
- Executive sessions & lead director: Independent executive sessions are led by the Lead Independent Director (Robert R. Hill, Jr.), with defined responsibilities for agendas and shareholder liaison .
Fixed Compensation
- Structure: Non-employee directors receive quarterly cash retainers of $27,500 and quarterly equity retainers via deferred stock equivalent units (DSUs) valued at $36,250 per quarter; chair/lead fees layered on top (Audit Chair $6,250; Exec Comp Chair $5,000; CG&N/Financial Policy/EPR Chairs $4,375; Lead Independent Director $7,500; Chair $37,500) .
- Deferral options: Directors may defer cash fees (except chair retainers) into DSUs or interest-bearing accounts (2024 rate: 5.273%) .
- 2024 realized compensation (Eleni Istavridis): | Component | Amount ($) | |---|---| | Fees Earned or Paid in Cash | 110,000 | | Stock Awards (mandatory DSUs) | 145,000 | | Total | 255,000 |
- DSU payout schedule election: 5 years (for 2024 award deferrals) .
Performance Compensation
- Directors do not receive performance-based bonuses or options; equity compensation is an annual DSU grant with mandatory deferral and dividend equivalents, settled after board service ends (six months post-termination), not subject to performance conditions .
Other Directorships & Interlocks
- Current public company board: Sappi Limited .
- Interlocks: Proxy reports no compensation committee interlocks or insider participation for Sonoco’s Executive Compensation Committee during the last fiscal year .
Expertise & Qualifications
- Global banking and manufacturing leadership with deep Asia operating experience relevant to Sonoco’s growth markets .
- Finance, risk oversight, and business development perspectives aligned with Sonoco’s global operations .
- Committee service supports sustainability oversight and financial policy governance .
Equity Ownership
| Measure | Amount | Notes |
|---|---|---|
| Beneficial ownership (shares) | 0 | No shares directly/indirectly beneficially owned as of Feb 7, 2025; percent of class 0% . |
| Deferred vested RSUs | 0 | As of Feb 7, 2025 . |
| Deferred compensation units (DSUs) | 10,893 units | As of Feb 7, 2025 . |
| DSUs outstanding (FY-end 2024) | 10,138 units | Valued at $495,241 using $48.85 closing price on Dec 31, 2024 . |
| Director stock ownership guidelines | Target shares: 3,000 (2 yrs), 5,000 (4 yrs), 8,000 (6 yrs); all directors in compliance; DSUs count toward guidelines . |
Governance Assessment
- Board effectiveness: Istavridis contributes global finance and Asia-market expertise to two independent committees—Employee & Public Responsibility (sustainability, workforce, public policy) and Financial Policy (capital structure, financing, risk management)—supporting strategic oversight amid portfolio transformation and recent M&A .
- Independence & attendance: Independent status, documented engagement (≥75% attendance) and strong shareholder support in 2025 vote bolster investor confidence .
- Alignment: Director pay emphasizes equity via mandatory DSUs held until post-service, plus ownership guidelines and anti-hedging/anti-pledging policies; no director pledging; all directors in compliance .
- Conflicts/red flags: No related-party transactions disclosed involving Istavridis; Sonoco maintains a formal related-party approval policy; noted familial relationship between CEO (Coker) and Chair (Haley), but not connected to Istavridis .
- Shareholder feedback: Say-on-Pay support historically strong (96.5% in April 2024) and 2025 advisory approval passed; management reports active investor engagement on strategy and capital allocation .
- Risk oversight: Audit Committee oversees ERM and cybersecurity; Employee & Public Responsibility Committee oversees sustainability; Financial Policy Committee oversees capital and financing—her committee roles align with material investor risk areas .
RED FLAGS: None disclosed for Istavridis regarding attendance, related-party transactions, hedging/pledging, or pay anomalies; director compensation uses fixed retainers and DSUs without performance repricing or tax gross-ups .