Steven Boyd
SONOCO PRODUCTSAbout Steven L. Boyd
Steven L. Boyd (age 67) is an independent director of Sonoco Products Company, serving since 2022; he is Chairman of the Board of Trustees at Johnson C. Smith University (trustee since 2009; Interim President in Summer 2023) and previously held senior roles at Tate & Lyle PLC, The Coca-Cola Company (Northeast Region VP), and The Minute Maid Company, bringing consumer products, distribution, acquisition integration, and sales/marketing expertise to Sonoco’s board .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Johnson C. Smith University | Chairman of the Board of Trustees; Trustee; Interim President | Chair: Jul 2022–present; Trustee: 2009–present; Interim President: Summer 2023 | Oversight of institutional governance; signals leadership continuity and stakeholder engagement |
| Tate & Lyle PLC | Vice President, Sales, North America | 2012–2014 (retirement) | Consumer products and customer management expertise |
| The Coca-Cola Company | Various roles including Northeast Region Vice President | 2000–2011 | Large-scale commercial operations and distribution leadership |
| The Minute Maid Company | Vice President | 1987–1999 | Brand, marketing, and product strategy experience |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Johnson C. Smith University (alma mater) | Chairman of Board of Trustees; Trustee; Interim President | Chair since Jul 2022; Trustee since 2009; Interim President Summer 2023 | Higher education governance leadership; non-profit (no Sonoco business disclosed) |
| Various non-profits | Director | Prior service | Numerous non-profit boards; no current public company directorships disclosed |
Board Governance
- Committee assignments: Audit Committee member (financially literate) and Employee & Public Responsibility Committee member; not designated as audit committee financial expert; not a committee chair .
- Independence: Board determined Boyd is independent under NYSE standards (majority of board is independent) .
- Attendance: All directors attended at least 75% of aggregate Board and committee meetings; all then-serving directors attended the 2024 Annual Meeting of Shareholders .
- 2024 meeting cadence: Board (11), Audit (8), Executive Compensation (4), Corporate Governance and Nominating (4), Employee & Public Responsibility (4), Financial Policy (4), Executive (3) .
- Lead Independent Director and board structure: Separate Chair and CEO roles; Lead Independent Director in place to oversee executive sessions and shareholder communications .
Fixed Compensation
| Component | Structure | 2024 Amount | Notes |
|---|---|---|---|
| Quarterly cash retainer (non-employee directors) | $27,500 per quarter | $110,000 | Boyd received standard cash retainer; no chair or lead director premiums |
| Quarterly equity retainer (deferred stock equivalent units) | $36,250 per quarter (mandatory deferral) | $145,000 (grant-date fair value) | Units valued using quarterly closing price; accrue dividend equivalents; settle 6 months after board service ends |
| Deferral election (payout schedule) | Equity retainer payout timing | 3-year payout election | Boyd deferred the $145,000 of 2024 equity retainer; chose 3-year installment schedule |
| Optional cash deferral | Cash retainer may be deferred into stock equivalents or interest account | Rate 5.273% for interest-bearing account (if elected) | Directors can defer cash fees; interest rate based on Merrill Lynch 10-year high-quality bond index (2024 rate 5.273%) |
Performance Compensation
- No performance-based director compensation components disclosed; Sonoco’s non-employee director pay is cash retainers and mandatorily deferred stock equivalent units without performance conditions .
Other Directorships & Interlocks
| Category | Details |
|---|---|
| Current public company boards | None disclosed for Boyd |
| Interlocks with Sonoco customers/suppliers | None disclosed involving Boyd; Related-party review policy in place |
| Board-level related-party note | CEO R. Howard Coker is brother-in-law of Chairman John R. Haley (disclosed; not linked to Boyd) |
Expertise & Qualifications
- Consumer products and commercial leadership (Minute Maid, Coca-Cola; VP roles); distribution and customer management .
- Acquisition integration, marketing/sales operations; community relations; board governance in academia .
- Financially literate audit committee member; committee oversight on sustainability, employee/public responsibility .
Equity Ownership
| Metric | Amount | Basis/Date |
|---|---|---|
| Beneficial ownership (direct/indirect shares) | 0 shares | As of Feb 7, 2025 |
| Deferred compensation units (cumulative) | 6,057 units | As of Feb 7, 2025 |
| Fees deferred into stock equivalent units (2024 YE) | 5,302 units | Value $258,979 at $48.85/share (Dec 31, 2024 close) |
| Director stock ownership guidelines | 3,000 shares (2 years); 5,000 (4 years); 8,000 (6 years) | All directors in compliance; deferred units count toward compliance |
Governance Assessment
- Strengths: Independent status; service on Audit (financially literate) and Employee & Public Responsibility committees; consistent attendance; compensation aligned via mandatory equity deferral and stock ownership guidelines .
- Alignment: Defers equity retainer and holds stock-equivalent units; guidelines include deferred units; all directors in compliance—supports skin-in-the-game .
- Policies reducing risk: Anti-hedging and anti-pledging policies; executive compensation clawback (Section 16 officers); related-party transaction approval policy overseen by Corporate Governance & Nominating Committee .
- Potential red flags: No Boyd-specific related-party transactions or pledging disclosed; board-level family relationship (CEO and Chair) is disclosed but not tied to Boyd; mitigated by independence and oversight structures (Lead Director, committee independence) .
Appendix: Committee Detail (Boyd)
- Audit Committee member; all members independent, financially literate; audit experts designated are Drew and Whiddon .
- Employee & Public Responsibility Committee member; oversees sustainability, employee safety/well-being, stakeholder/public policy oversight .