Avery Dennison (NYSE: AVY) appoints Danny Allouche to lead Materials Group
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Avery Dennison Corporation appointed Danny G. Allouche as President, Materials Group, effective June 1, 2026, following the resignation of Ryan D. Yost, who leaves the company on June 12, 2026. Allouche moves into the role after serving as Senior Vice President and Chief Strategy and Corporate Development Officer and previously as interim chief financial officer.
In his new position, Allouche’s annual base salary remains ILS 1,989,960 (about $667,123), with an unchanged target annual bonus of 60% of base salary. His target annual long-term incentive opportunity rises from 180% to 200% of base salary via a supplemental 2026 award equal to 20% of base salary to be granted on September 1, 2026 in performance units and restricted stock units. He also receives a special restricted stock unit award with a target grant date fair value of $500,000, scheduled to cliff-vest on June 1, 2029, all subject to continued employment. The company notes reported 2025 sales of $8.9 billion and about 35,000 employees in more than 50 countries.
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Insights
Leadership change at Avery Dennison’s Materials Group with enhanced equity incentives for the new president.
Avery Dennison is transitioning leadership of its Materials Group from Ryan D. Yost to Danny G. Allouche, an internal executive with long experience in strategy, corporate development, M&A and a stint as interim CFO. This suggests continuity in strategic direction for a core business segment.
The compensation package emphasizes equity-based incentives rather than higher cash pay. Allouche’s base salary and annual bonus target remain unchanged, while his long-term incentive target increases to 200% of base salary, complemented by a $500,000 special restricted stock unit grant that cliff-vests on June 1, 2029. These features align his rewards with long-term performance and retention, though the actual impact depends on future company and share performance.
8-K Event Classification
2 items: 5.02, 9.01
2 items
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Base salary: ILS 1,989,960 (~$667,123)
Annual bonus target: 60% of base salary
LTI target increase: 180% to 200% of base salary
+5 more
8 metrics
Base salary
ILS 1,989,960 (~$667,123)
Annual base salary for Danny Allouche in new role, using May 2026 exchange rate
Annual bonus target
60% of base salary
Target Annual Incentive Plan opportunity for Danny Allouche
LTI target increase
180% to 200% of base salary
Target annual long-term incentive opportunity for Danny Allouche
Supplemental 2026 LTI award
20% of base salary
Additional 2026 long-term incentive grant effective September 1, 2026
Special RSU award
$500,000 target grant date fair value
Restricted stock units cliff-vesting on June 1, 2029 for Danny Allouche
Reported 2025 sales
$8.9 billion
Avery Dennison global sales in 2025
Employee count
Approximately 35,000 employees
Global workforce across more than 50 countries
Countries of operation
More than 50 countries
Geographic footprint of Avery Dennison’s operations
Key Terms
long-term incentive (LTI) opportunity, performance units, restricted stock units, executive severance plan, +2 more
6 terms
long-term incentive (LTI) opportunity financial
"an increase in his target annual long-term incentive (LTI) opportunity from 180% to 200% of base salary"
performance units financial
"60% in performance units and 40% in restricted stock units with the same performance objectives"
Performance units are company awards that become valuable only if specified business targets are met; they typically convert into shares or cash when performance goals are achieved. Think of them like a conditional bonus that turns into stock only if the company hits agreed milestones, so they align managers’ incentives with shareholders’ interests and can affect future share count, executive pay expense, and investor returns.
restricted stock units financial
"a special LTI award to Mr. Allouche of restricted stock units with a target grant date fair value of $500,000"
Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.
executive severance plan financial
"Mr. Allouche will continue to be eligible to participate in the Company’s executive severance plan"
change of control severance plan financial
"and key executive change of control severance plan, in each case as described in the Company’s proxy statement"
cliff-vest financial
"a special LTI award ... to be granted on September 1, 2026 that will cliff-vest on June 1, 2029"
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(Address of principal executive offices) | (Zip Code) | |||||||
Registrant’s telephone number, including area code (440 ) 534-6000
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Section 5 — Corporate Governance and Management
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b) (c) On May 29, 2026, Ryan D. Yost, President, Materials Group, of Avery Dennison Corporation, a Delaware corporation (the "Company"), notified the Company of his decision to resign to accept another opportunity. Mr. Yost continued serving in that capacity through May 31, 2026 and will leave the Company on June 12, 2026.
On May 31, 2026, the Company’s Board of Directors (the “Board”) elected Danny G. Allouche as the Company’s President, Materials Group, effective June 1, 2026. Mr. Allouche ceased serving as the Company’s Senior Vice President and Chief Strategy and Corporate Development Officer (“CSDO”) on May 31, 2026. Mr. Allouche, age 52, had served as the Company’s Senior Vice President and CSDO since August 2022; from November 2024 through March 2025, he also served as Interim Chief Financial Officer. Prior to that, Mr. Allouche served as Vice President and CSDO from April 2021 to July 2022; Vice President, Corporate Development, from May 2016 to March 2021; and Vice President, Treasury and Corporate Development, from August 2015 to May 2016. Mr. Allouche held several other roles in positions of increasing responsibility since joining the Company in August 2010.
In connection with this election, the Board’s Talent and Compensation Committee (the “Committee”) made the following compensation decisions for Mr. Allouche in his new role: (i) no change to his current annual base salary of ILS 1,989,960 (approximately $667,123 using the average monthly exchange rate for May 2026); (ii) no change to his target Annual Incentive Plan opportunity of 60% of base salary; and (iii) an increase in his target annual long-term incentive (LTI) opportunity from 180% to 200% of base salary. To effectuate the increase in his annual LTI award for 2026, the Committee approved a supplemental 2026 LTI award equal to 20% of base salary to be granted on September 1, 2026, 60% in performance units and 40% in restricted stock units with the same performance objectives and/or vesting criteria as the annual LTI award granted on March 1, 2026; the Committee also approved a special LTI award to Mr. Allouche of restricted stock units with a target grant date fair value of $500,000 to be granted on September 1, 2026 that will cliff-vest on June 1, 2029. These awards are subject to his continued employment through the applicable vesting dates. Mr. Allouche will continue to be eligible to participate in the Company’s executive severance plan and key executive change of control severance plan, in each case as described in the Company’s proxy statement filed with the Securities and Exchange Commission on March 12, 2026.
A copy of the press release announcing Mr. Allouche’s new role is attached as Exhibit 99.1 hereto and incorporated herein by reference.
Section 9 — Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits.
| Exhibit Number | Exhibit Title | |||||||
| 99.1 | Press Release dated June 4, 2026 naming Danny Allouche as President, Materials Group | |||||||
| 104 | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101) | |||||||
EXHIBIT INDEX
| Exhibit Number | Exhibit Title | |||||||
| 99.1 | Press Release dated June 4, 2026 naming Danny Allouche as President, Materials Group | |||||||
| 104 | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| AVERY DENNISON CORPORATION | ||||||||||||||
| Date: June 4, 2026 | By: | /s/ Deon M. Stander | ||||||||||||
Name: Title: | Deon M. Stander President and Chief Executive Officer | |||||||||||||
Exhibit 99.1
 | Press Release | ||||
For Immediate Release
Avery Dennison Names Danny Allouche
President, Materials Group
MENTOR, Ohio—(BUSINESS WIRE)—June 4, 2026—Avery Dennison Corporation (NYSE: AVY), a leading global materials science and digital identification solutions company, today announced that Danny Allouche has been appointed president, Materials Group.
“Danny has played an essential role in shaping the strategic direction of the Materials Group and Avery Dennison for many years. He possesses a strong knowledge of our Materials business, having served as a thought partner to leadership and supported critical business projects, including strategic M&A activity,” said Avery Dennison President and CEO Deon Stander. “The Materials Group will benefit from Danny’s experience developing, executing and managing strategies across a portfolio of businesses, along with his having provided key contributions in building our Intelligent Labels platform.
“As president of the Materials Group, Danny will continue to focus our teams on delivering for our customers through innovation, service and quality, driving outsized growth in high-value categories and growing profitably in our base businesses. He will also advance our capabilities to connect the physical and digital.”
Allouche has held several leadership roles at Avery Dennison over the past 16 years. Since 2016, he has led the company’s global strategy and corporate portfolio and development activities, most recently having served as senior vice president and chief strategy and corporate development officer. In this role, he also oversaw all M&A and venture investment activities. Allouche served as interim chief financial officer for Avery Dennison for a brief period beginning in late 2024. He has also led the company’s Treasury function.
Allouche holds a master's degree in business administration from the UCLA Anderson School of Management and a bachelor’s degree in economics from Northwestern University.
About Avery Dennison
Avery Dennison Corporation (NYSE: AVY) is a global materials science and digital identification solutions company. We are Making Possible™ products and solutions that help advance the industries we serve, providing branding and information solutions that optimize labor and supply chain efficiency, reduce waste and mitigate loss, advance sustainability, circularity and transparency and better connect brands and consumers. We design and develop labeling and functional materials, radio-frequency identification (RFID) inlays and tags, software applications that connect the physical and digital and offerings that enhance branded packaging and carry or
display information that improves the customer experience. Serving industries worldwide — including home and personal care, apparel, general retail, e-commerce, logistics, food and grocery, pharmaceuticals and automotive — we employ approximately 35,000 employees in more than 50 countries. Our reported sales in 2025 were $8.9 billion. Learn more at www.averydennison.com.
Contact
William Gilchrist
Vice President, Investor Relations
Vice President, Investor Relations
investorcom@averydennison.com
Kristin Robinson
Vice President, Global Communications
kristin.robinson@averydennison.com
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FAQ
What leadership change did Avery Dennison (AVY) announce in its latest 8-K?
Avery Dennison appointed Danny G. Allouche as president of its Materials Group, effective June 1, 2026, following Ryan D. Yost’s resignation. Allouche previously led strategy and corporate development and briefly served as interim chief financial officer.
When does Ryan D. Yost depart Avery Dennison (AVY)?
Ryan D. Yost notified Avery Dennison on May 29, 2026 of his decision to resign and continued as President, Materials Group through May 31, 2026. He is scheduled to leave the company on June 12, 2026.
What is Danny Allouche’s base salary in his new Avery Dennison (AVY) role?
Danny Allouche’s annual base salary remains ILS 1,989,960, approximately $667,123 using Avery Dennison’s average May 2026 exchange rate. This figure does not change with his promotion to president of the Materials Group.
How is Danny Allouche’s bonus and long-term incentive structured at Avery Dennison (AVY)?
Danny Allouche keeps a target Annual Incentive Plan opportunity equal to 60% of base salary. His target annual long-term incentive increases from 180% to 200% of base salary, delivered through performance units and restricted stock units tied to existing plan criteria.
What special equity awards does Danny Allouche receive from Avery Dennison (AVY)?
To reach his higher long-term incentive level, Danny Allouche will receive a supplemental 2026 award equal to 20% of base salary plus a special restricted stock unit grant with a target grant date fair value of $500,000 that cliff-vests on June 1, 2029, subject to continued employment.
How large is Avery Dennison’s (AVY) business based on this filing?
Avery Dennison reports 2025 sales of $8.9 billion and employs approximately 35,000 people in more than 50 countries. The company focuses on materials science and digital identification solutions serving sectors such as retail, logistics, food, pharmaceuticals and automotive.