Morrison to Remain Senior Advisor to Ensure
Smooth Transition and Successful Completion of Aerospace
Transaction
WESTMINSTER, Colo., Sept. 7,
2023 /PRNewswire/ -- Ball Corporation (NYSE:BALL)
today announced that Scott C.
Morrison, 61, executive vice president and chief financial
officer, will retire from the role after more than two decades with
the company. Howard Yu, 51,
has been named to succeed Morrison as executive vice president and
CFO, starting Sept. 25. Morrison will
remain with the company as a senior advisor to ensure a smooth
transition and in support of the successful completion of the
proposed Aerospace transaction.
"As part of Ball's commitment to long-term strategic succession
planning, we are pleased to welcome Howard to Ball, and on behalf
of our entire team, we thank Scott for his numerous contributions
to our company and congratulate him on his well-deserved
retirement," said Daniel W. Fisher,
chairman and CEO.
Morrison joined Ball in 2000 as treasurer after 16 years in the
banking industry. He became vice president and treasurer in 2002
and assumed increasing roles of responsibility including SVP and
CFO in 2009, dual roles including interim COO, global beverage
packaging, in 2014, and ultimately was promoted to EVP and CFO in
2020.
"Throughout his tenure, Scott was instrumental in executing our
EVA-centric financial and risk management strategies and developing
a best-in-class global finance organization, which enabled the
company to thrive through various economic cycles over the past two
decades. His experience and straightforward approach to engaging
with and serving our stakeholders guided our company through
multiple successful M&A transactions and periods of
unprecedented financial volatility during the great financial
crisis and the recent global pandemic. By applying his ownership
mindset, disciplined approach to capital allocation and deep
knowledge of our company he has generated significant value for our
shareholders," Fisher said.
Yu most recently served as SVP and CFO for Envista, a publicly
traded global company and spin-off of Danaher. Throughout his
22-year Danaher and Envista career, Yu served as CFO for multiple
global divisions in Asia,
Europe, and Latin America where he led successful M&A
and systems transformations through varied global economic
environments to drive shareholder value creation. Prior to joining
Danaher, he worked in finance at Hewlett-Packard and as Senior
Auditor at Deloitte & Touche.
"With his shared values and proven leadership, global financial
acumen, experience and capital allocation discipline, Howard is a
perfect complement to our team as we continue working to achieve
sustainable growth and deliver value," Fisher added.
About Ball Corporation
Ball Corporation supplies innovative, sustainable aluminum
packaging solutions for beverage, personal care and household
products customers, as well as aerospace and other technologies and
services primarily for the U.S. government. Ball Corporation and
its subsidiaries employ 21,000 people worldwide and reported 2022
net sales of $15.35 billion. For more
information, visit www.ball.com, or connect with us on Facebook or
Twitter.
Forward-Looking Statement
This release contains "forward-looking" statements concerning
future events and financial performance. Words such as "expects,"
"anticipates," "estimates," "believes," and similar expressions
typically identify forward-looking statements, which are generally
any statements other than statements of historical fact. Such
statements are based on current expectations or views of the future
and are subject to risks and uncertainties, which could cause
actual results or events to differ materially from those expressed
or implied. You should therefore not place undue reliance upon any
forward-looking statements, and they should be read in conjunction
with, and qualified in their entirety by, the cautionary statements
referenced below. Ball undertakes no obligation to publicly update
or revise any forward-looking statements, whether as a result of
new information, future events or otherwise. Key factors, risks and
uncertainties that could cause actual outcomes and results to be
different are summarized in filings with the Securities and
Exchange Commission, including Exhibit 99 in Ball's Form 10-K,
which are available on Ball's website and at www.sec.gov.
Additional factors that might affect: a) Ball's packaging segments
include product capacity, supply, and demand constraints and
fluctuations and changes in consumption patterns; availability/cost
of raw materials, equipment, and logistics; competitive packaging,
pricing and substitution; changes in climate and weather and
related events such as drought, wildfires, storms, hurricanes,
tornadoes and floods; footprint adjustments and other manufacturing
changes, including the startup of new facilities and lines; failure
to achieve synergies, productivity improvements or cost reductions;
unfavorable mandatory deposit or packaging laws; customer and
supplier consolidation; power and supply chain interruptions;
changes in major customer or supplier contracts or loss of a major
customer or supplier; inability to pass through increased costs;
war, political instability and sanctions, including relating to the
situation in Russia and
Ukraine and its impact on Ball's
supply chain and its ability to operate in Europe, the Middle
East and Africa regions
generally; changes in foreign exchange or tax rates; and tariffs,
trade actions, or other governmental actions, including business
restrictions and orders affecting goods produced by Ball or in its
supply chain, including imported raw materials; b) Ball's aerospace
segment include funding, authorization, availability and returns of
government and commercial contracts; and delays, extensions and
technical uncertainties affecting segment contracts; failure to
obtain, or delays in obtaining, required regulatory approvals or
clearances for the proposed transaction; any failure by the parties
to satisfy any of the other conditions to the proposed transaction;
the possibility that the proposed transaction is ultimately not
consummated; potential adverse effects of the announcement or
results of the proposed transaction on the ability to develop and
maintain relationships with personnel and customers, suppliers and
others with whom it does business or otherwise on the business,
financial condition, results of operations and financial
performance; risks related to diversion of management's attention
from ongoing business operations due to the proposed transaction;
the impact of the proposed transaction on the ability to retain and
hire key personnel; and c) Ball as a whole include those listed
above plus: the extent to which sustainability-related
opportunities arise and can be capitalized upon; changes in senior
management, succession, and the ability to attract and retain
skilled labor; regulatory actions or issues including those related
to tax, environmental, social and governance reporting,
competition, environmental, health and workplace safety, including
U.S. Federal Drug Administration and other actions or public
concerns affecting products filled in Ball's containers, or
chemicals or substances used in raw materials or in the
manufacturing process; technological developments and innovations;
the ability to manage cyber threats; litigation; strikes; disease;
pandemic; labor cost changes; inflation; rates of return on assets
of Ball's defined benefit retirement plans; pension changes;
uncertainties surrounding geopolitical events and governmental
policies, including policies, orders, and actions related to
COVID-19; reduced cash flow; interest rates affecting Ball's debt;
successful or unsuccessful joint ventures, acquisitions and
divestitures, and their effects on Ball's operating results and
business generally; and potential adverse effects of the
announcement or results of the proposed transaction on the market
price of Ball Corporation's common stock.
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SOURCE Ball Corporation