UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
March 31, 2025
Date of Report (Date of earliest event reported)
AVERY DENNISON CORPORATION
(Exact name of registrant as specified in its charter)
| | | | | | | | | | | | | | |
Delaware | | 1-7685 | | 95-1492269 |
(State or other jurisdiction of incorporation) | | (Commission File Number) | | (IRS Employer Identification No.) |
| | | | | | | | |
| 8080 Norton Parkway | | |
Mentor, Ohio | | 44060 |
(Address of principal executive offices) | | (Zip Code) |
Registrant’s telephone number, including area code (440) 534-6000
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | | | | | | | |
| Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
| Common stock, $1 par value | | AVY | | New York Stock Exchange |
| 3.75% Senior Notes due 2034 | | AVY34 | | Nasdaq Stock Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Section 5 — Corporate Governance and Management
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b)(c) Effective April 1, 2025, Gregory S. Lovins, Senior Vice President and Chief Financial Officer of Avery Dennison Corporation (the “Company”), will resume serving as the Company’s principal financial officer following a previously disclosed medical leave of absence that began on November 14, 2024. Danny G. Allouche will cease serving as the Company’s Interim Chief Financial Officer and principal financial officer on March 31, 2025; he will continue serving as the Company’s Senior Vice President and Chief Strategy and Corporate Development Officer.
In connection with its annual executive compensation review process in February 2025, the Talent and Compensation Committee of the Company’s Board of Directors approved a base salary of $838,500 for Mr. Lovins. His previous target Annual Incentive Plan opportunity of 75% of base salary and target long-term incentive opportunity of 250% of base salary were unchanged. Mr. Lovins will continue to receive an annual executive benefit allowance of $65,000 and be eligible to participate in the Company’s savings (401(k)), deferred compensation, executive severance and key employee change of control severance plans, in each case as described in the Company’s 2025 proxy statement filed with the Securities and Exchange Commission on March 7, 2025.
Section 9 — Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits.
| | | | | | | | |
Exhibit
Number | | Exhibit Title |
| | |
| 104 | | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101) |
| | |