Sealed Air Corp (NYSE: SEE) has terminated the contract of Chief Financial Officer William Stiehl, as an investigation by the Securities and Exchange Commission into its accounting and financial reporting practices continues.
The investigation calls into question a decision to change auditing firms. Stiehl joined Sealed Air as chief accounting officer and controller in January 2013 and was promoted to acting CFO in October 2017.
Sealed Air has appointed James Sullivan as CFO effective Monday.
Sealed Air is the maker of protective packaging and bubble wrap.
Why It's Important
In May, Sealed Air acquired Automated Packaging Systems, an Ohio-based manufacturer of automated bagging systems, for $510 million in cash.
Sealed Air said it received "a subpoena for documents, including requests concerning the company's accounting for income taxes, its financial reporting and disclosures and other matters."
Stiehl's firing is tied to an internal review by its board's Audit Committe in connection with the SEC investigation, according to Sealed Air.
"This review followed the company's receipt of an additional subpoena for documents and information on May 2, 2019, relating to the process by which the company selected its independent audit firm for the period beginning with fiscal year 2015, and relating to the independence of that audit firm," according to the company.
Sealed Air said it is continuing to cooperate with the SEC.
Sealed Air shares were up 0.77% at $41.89 at the time of publication Tuesday.
Bubble Wrap Maker Sealed Air To Buy Automated Packaging Systems For 0M
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