OI - O-I Glass Announces CEO Andres Lopez to Retire | Benzinga
PERRYSBURG, Ohio, March 06, 2024 (GLOBE NEWSWIRE) -- O-I Glass, Inc. (NYSE:O) (the "Company" or "O-I") today announced that Andres Lopez will retire as Chief Executive Officer, effective May 15, 2024, following a nearly 40-year career with the Company. The Board has been working with an executive search firm to identify O-I's next CEO as part of the Company's long-term succession planning process. Andres is committed to supporting a seamless transition of responsibilities to his successor.
Andres joined O-I in 1986 and has held numerous leadership positions across the Company's global operations before being named CEO in January 2016. Under his leadership, O-I has been significantly transformed into a more capable, resilient, agile and disciplined organization. Among other achievements, he successfully led the completion of a business portfolio optimization program, strengthened the balance sheet, delivered several inorganic and organic expansion projects and integrated sustainability into the business strategy. During his tenure, the Company has focused on innovation, exemplified by initiatives such as the development of its MAGMA and ULTRA technologies. This transformational journey has enabled O-I to deliver strong financial results and lay the foundation for long-term profitable growth.
"On behalf of the Board, I would like to thank Andres for his vision, leadership and contributions to O-I during his nearly four-decade tenure, including the last eight years as CEO," said John H. Walker, Independent Board Chair. "Andres has played a critical role in strategically expanding O-I into key global markets and transforming the business to be an innovation leader. The Board is committed to identifying a leader to build on this momentum and deliver future value creation for O-I customers and shareholders. We look forward to continuing to work with Andres as we complete the search process and wish him all the best in his well-deserved retirement."
"It has been a privilege to serve as CEO of O-I for these past eight years and to work alongside such a talented team for the entirety of my career," said Andres. "We have made significant progress on our transformational journey and are well-positioned to meet the evolving requirements of the packaging market and capitalize on emerging trends. ...