CHARLOTTE, N.C. — Sealed Air Corp. has fired its chief financial officer amid an ongoing probe by the U.S. Securities and Exchange Commission. The Charlotte-based maker of Bubble Wrap and other packaging products said in a news release late yesterday that its board of directors has terminated the employment of CFO William Stiehl “for cause,” effective immediately.
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His termination is related to an internal review by the board’s audit committee in connection with a previously disclosed SEC investigation, Sealed Air said in its release. This review followed the company’s receipt of an additional subpoena for documents and information on May 2, relating to the process by which it selected an independent audit firm for the period beginning with fiscal year 2015 and to the independence of that firm. Sealed Air said it continues to cooperate with the SEC’s investigation.
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In a separate release, the company said it has appointed James Sullivan to assume the CFO role as of June 24. Sullivan brings more than 20 years of experience as a financial executive and corporate leader, most recently serving as executive vice president and CFO of Joy Global, a manufacturer and servicer of mining equipment.
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