8-K: Amcor Appoints New CFO, Reaffirms FY26 Outlook

Amcor plc announced the appointment of Stephen R. Scherger as Executive Vice President and Chief Financial Officer, succeeding Michael Casamento, while reaffirming its fiscal year 2026 financial outlook.

Summary

• Stephen R. Scherger has been appointed Executive Vice President and Chief Financial Officer, effective November 10, 2025, and will be based in Deerfield, IL.
• Michael Casamento will step down from his officer role as CFO effective November 10, 2025, to return to Australia, but will remain employed as a special advisor until June 30, 2026, to ensure a smooth transition.
• Amcor reaffirmed its first quarter and fiscal year 2026 financial outlook, initially provided on August 14, 2025.
• For fiscal year 2026, Amcor continues to expect Adjusted EPS of $0.80-$0.83, representing 12-17% constant currency growth, and Free Cash Flow of $1.8-$1.9 billion.
• For the first quarter, Amcor expects Adjusted EPS to be within the previously announced $0.18-$0.20 range.
• Stephen R. Scherger's compensation package includes an annual base salary of $1,000,000, eligibility for an annual cash bonus (MIP) with a target of 100% of base salary (ranging 0-200%), and annual long-term incentive plan (LTIP) grants targeted at 300% of base salary.
• Mr. Scherger will also receive a special LTIP grant targeted at 195% of his base salary, a one-time sign-on cash payment of $500,000 payable in February 2026, and a special retention equity grant of restricted stock units valued at $2,300,000.
• Michael Casamento's departure terms include continued base salary and benefits through June 30, 2026, a severance payment equivalent to 12 months base salary, a pro-rated FY26 cash bonus, continued vesting of certain equity awards, and relocation assistance to Melbourne, Australia.

Sentiment

Score: 7

Explanation: The appointment of a highly experienced CFO with a strong track record and the reaffirmation of a robust financial outlook for FY26 are positive indicators. The structured transition for the outgoing CFO mitigates immediate concerns, contributing to a generally positive sentiment.

Positives

• The appointment of Stephen R. Scherger as CFO brings over 30 years of finance, operations, and strategy experience in the packaging industry, including a strong track record at Graphic Packaging where net sales doubled and net income nearly tripled during his tenure.
• Amcor reaffirmed its strong fiscal year 2026 outlook, projecting Adjusted EPS growth of 12-17% in constant currency and Free Cash Flow of $1.8-$1.9 billion, indicating confidence in its financial performance.
• The transition plan for the outgoing CFO, Michael Casamento, includes him remaining as a special advisor until June 30, 2026, ensuring a smooth handover of duties and minimizing disruption.
• The new CFO's stated commitment to ongoing integration commitments, portfolio optimization, and driving long-term organic growth aligns with strategic priorities following the Berry Global acquisition.

Negatives

• The departure of Michael Casamento, who served as Amcor's CFO for ten years, represents a loss of long-standing institutional knowledge and leadership, despite the planned transition period.

Risks

• Risks arising from the integration of the Amcor and Berry Global Group, Inc. businesses as a result of the Merger completed on April 30, 2025.
• Risk of continued substantial and unexpected costs or expenses resulting from the Transaction.
• Risk that the anticipated benefits of the Transaction may not be realized when expected or at all.
• Risk that the Company's significant indebtedness may limit its flexibility and increase its borrowing costs.
• Risk that Merger-related tax liabilities could have a material impact on the Company's financial results.
• Changes in consumer demand patterns and customer requirements in numerous industries.
• Risk of loss of key customers, a reduction in their production requirements, or consolidation among key customers.
• Significant competition in the industries and regions in which we operate.
• An inability to expand our current business effectively through either organic growth, including product innovation, investments, or acquisitions.
• Challenging global economic conditions.
• Impacts of operating internationally.
• Price fluctuations or shortages in the availability of raw materials, energy and other inputs, which could adversely affect our business.
• Production, supply, and other commercial risks, including counterparty credit risks, which may be exacerbated in times of economic volatility.
• Pandemics, epidemics, or other disease outbreaks.
• An inability to attract, develop, and retain our skilled workforce and manage key officer and employee transitions.
• Labor disputes and an inability to renew collective bargaining agreements at acceptable terms.
• Physical impacts of climate change.
• Significant disruption at key manufacturing facilities.
• Cybersecurity risks, which could disrupt our operations or risk of loss of our sensitive business information.
• Failures or disruptions in our information technology systems which could disrupt our operations, compromise customer, employee, supplier, and other data.
• Rising interest rates that increase our borrowing costs on our variable rate indebtedness and could have other negative impacts.
• Foreign exchange rate risk.
• A significant write-down of goodwill and/or other intangible assets.
• A failure to maintain an effective system of internal control over financial reporting.
• An inability of our insurance policies, including our use of a captive insurance company, to provide adequate protection against all of the key operational risks we face.
• An inability to defend our intellectual property rights or intellectual property infringement claims against us.
• Litigation, including product liability claims or litigation related to Environmental, Social, and Governance ("ESG") matters, or regulatory developments.
• Increasing scrutiny and changing expectations from investors, customers, suppliers, and governments with respect to our ESG practices and commitments resulting in additional costs or exposure to additional risks.
• Changing ESG government regulations including climate-related rules.
• Changing environmental, health, and safety laws.
• Changes in tax laws or changes in our geographic mix of earnings.
• Changes in trade policy, including tariff and custom regulations or failing to comply with such regulations.

Future Outlook

Amcor reaffirmed its first quarter and fiscal year 2026 outlook, expecting Adjusted EPS of $0.80-$0.83 for FY26, which represents 12-17% constant currency growth, and Free Cash Flow of $1.8-$1.9 billion. For the first quarter, Adjusted EPS is anticipated to be within the previously announced $0.18-$0.20 range.

Management Comments

• Peter Konieczny (Amcor CEO): "On behalf of the Board, I'm pleased to welcome Steve to the Amcor team. His deep industry experience, unique understanding of the U.S. and global packaging markets and team-oriented leadership style make him a natural fit for Amcor. His proven track record of enhancing growth and profitability at lean, global businesses will further enhance Amcor's ability to deliver nearand long-term value for customers and shareholders."
• Stephen Scherger (Incoming CFO): "It is a privilege to join Amcor as CFO. Amcor has established itself as a global leader and innovator in the packaging industry, especially after the Berry Global acquisition. I am honored and excited to join the team at this time and contribute to delivering the ongoing integration commitments, the identified portfolio optimization and driving long-term organic growth."
• Peter Konieczny (Amcor CEO): "On behalf of the Amcor team, I'd like to thank Michael for more than a decade of service, which concludes with Amcor being better positioned than ever following our successful combination with Berry Global. His contributions and leadership have been outstanding and he has played a significant role in laying the foundation for years of success. We wish him all the best as he returns to Australia."

Industry Context

The appointment of a new CFO with extensive experience in the packaging industry, particularly from a major competitor like Graphic Packaging, signals Amcor's strategic focus on leveraging deep sector expertise. This move is likely aimed at strengthening its leadership in navigating complex market dynamics, optimizing the integration of the recent Berry Global acquisition, and driving organic growth in a competitive global packaging market. The reaffirmation of the financial outlook suggests stability and confidence in its strategic direction amidst broader industry trends.

Comparison to Industry Standards

• NA

Management Changes

Corporate Governance

Legal Proceedings

• NA

Related Party Transactions

• No transactions since the beginning of the Company's last fiscal year in which the Company is a participant and in which Mr. Scherger or any members of his immediate family have any interest that are required to be reported under Item 404(a) of Regulation S-K.

Stakeholder Impact

• Shareholders: The appointment of a highly experienced CFO and the reaffirmation of a strong financial outlook are likely to be viewed positively, potentially enhancing confidence in the company's future performance and long-term value creation.
• Employees: The transition of a key executive role is managed with a clear handover period, which can provide stability. The new CFO's leadership may bring fresh perspectives and strategic direction.
• Customers and Suppliers: Continuity in financial leadership and a stable financial outlook can reinforce confidence in Amcor's operational stability and ability to meet commitments, fostering strong business relationships.

Next Steps

• Stephen R. Scherger will commence his role as Executive Vice President, Chief Financial Officer on November 10, 2025.
• Stephen R. Scherger's next salary review is scheduled for October 2026.
• Stephen R. Scherger must initiate home sale support for relocation to Deerfield, IL, by November 10, 2026 (one-year anniversary of his appointment date).
• Michael Casamento will continue as a special advisor to the Company until June 30, 2026.
• Michael Casamento's severance payment and settlement of outstanding vacation days will occur within 30 days of June 30, 2026.
• Michael Casamento's pro-rated FY26 annual bonus will be paid at the same time as annual bonuses for other employees.
• Michael Casamento's 170,000 Senior Executive Retention Share Plan (SERSP) rights will vest in February 2026.
• Any unvested awards under Michael Casamento's Equity Management Incentive Plan (EMIP) will vest in full within 30 days of June 30, 2026.
• Michael Casamento must exercise any vested but unexercised options or performance rights under the Long-Term Incentive Plan (LTIP) issued prior to July 1, 2025, no later than 90 days after June 30, 2026.
• Performance conditions for any prorated LTIP awards for Michael Casamento will be tested at their regularly scheduled assessment dates.

Key Dates

Recommendation

The appointment of Stephen R. Scherger, a highly experienced CFO with a strong track record of driving growth and profitability in the packaging sector, is a significant positive for Amcor. His expertise is particularly valuable given the recent Berry Global acquisition and the ongoing integration efforts. The reaffirmation of the fiscal year 2026 outlook, including robust Adjusted EPS growth and Free Cash Flow targets, demonstrates management's confidence in the company's financial trajectory. The structured transition for the outgoing CFO mitigates potential disruption. These factors collectively suggest a strong operational and financial foundation, making Amcor an attractive investment.

Keywords

Amcor, CFO, Chief Financial Officer, Stephen Scherger, Michael Casamento, Executive Appointment, Financial Outlook, EPS, Free Cash Flow, Packaging Industry, Corporate Governance, Compensation, Executive Transition