Sonoco Products Company plans to appoint Ernest D. Haynes III as president and CEO on Dec. 31, marking a leadership change at a packaging group with about 22,000 employees worldwide.
The board selected Haynes on Nov. 6, and Sonoco disclosed the decision Nov. 9. Haynes will also join the board. Since August, he has headed global consumer packaging. He joined Sonoco in 1997 and previously led its metal packaging division.
Haynes' annual base salary is set at $1,100,004, with a cash-bonus target of 120% of that amount. His package also makes him eligible for stock awards each year, with an expected target near $6 million. The first grant is expected in February 2027.
R. Howard Coker, CEO since 2020, will retain his current responsibilities until the Dec. 31 handoff. He is retiring after 41 years with the company.
Sonoco makes metal and paper packaging and operates in 37 countries. It recorded $7.5 billion in sales from continuing operations in 2025. An investor conference webcast with Coker, Haynes and Chief Financial Officer Paul Joachimczyk is set for 8:20 a.m. ET on Tuesday, Nov. 10.
