Avery Dennison Corp. announced Friday that its board of directors appointed a new chief executive, effective May 1.
Mitchell Butier, current president and chief operating officer for the Glendale label and packaging materials supplier, will continue serving as COO until he replaces current chairman and Chief Executive Dean Scarborough in May. At that time, Scarborough will step down to serve as executive chairman of the company’s board.
“(Mitch) has been a close thought partner of mine and has been at the center of our most successful business strategies,” Scarborough said in a statement. “Most recently, he has been the driver behind increasing the higher-value market segments of our portfolio. Just as important, Mitch is a champion of the values, integrity and high ethical standards that define Avery Dennison.”
News of the leadership change follow’s the company’s strong fourth quarter earnings announced earlier this month. Dennison reported $57 million in adjusted earnings and $1.45 billion in revenue that exceeded analyst expectations.
“Avery Dennison is a great company,” Butier, 44, said in a statement. “We’re strategically well-positioned, with excellent prospects for profitable growth. I look forward to working with our board and our leadership team to build on our solid foundation as we continue to create value for our customers, employees, and shareholders.”
Shares closed up 21 cents or a fraction a percent to $66.45 on the New York Stock Exchange.