Ball CEO Plans To Retire
BROOMFIELD, Colo. (AP) _ Ball Corp. chairman and chief executive George A. Sissel plans to step down as CEO of the food and drink container manufacturer early next year while staying on as chairman.
Sissel, 64, said Monday he will retire as CEO at the regularly scheduled meeting of the company’s board on Jan. 24 anmd will be replaced in that post by R. David Hoover, who is vice chairman, president and chief operating officer.
Both men joined Ball Corp. in 1970.
The company reported second-quarter losses of $15.4 million, due in part to expenses related to consolidation.
In June, the company announced it would close several plants, beginning with the company’s Salisbury, N.C., aluminum beverage can plant. It also said it would discontinue some overseas operations.
But Sissel said he expected the changes would make the company’s operations more efficient.
During his tenure, the company expanded in South America and Asia, doubled its metal beverage container business through the $746 million acquisition of Reynolds Aluminum’s can division, and relocated its headquarters from Muncie, Ind., to Colorado.
The company also owns Ball Aerospace & Technologies Corp.
On Monday, shares of Ball Corp. were down 12.5 cents to close at $32.38 on the New York Stock Exchange.