Berry Global Group has welcomed James T. Glerum, Jr. to its Board of Directors.
Takeaway Points
- Berry Global Group Inc. Welcomes James T. Glerum Jr. to its Board of Directors.
- Mr. Glerum, age 64, retired as Vice Chairman, Investment Banking at Citigroup in July 2024.
- On Aug 2, 2024, Berry announced its third quarter 2024 result.
- Operating income increased 16% to $79 million, primarily due to the positive impact from volume growth.
Berry Global Group Welcomes James T. Glerum, Jr. to Board
Berry Global Group, Inc. said on Friday that it has appointed James T. Glerum, Jr., to its Board of Directors.
Steve Sterrett, Berry’s Chairman of the Board, said, “On behalf of Berry and its Directors, I would like to welcome Jim to our Board. Jim’s extensive investment banking, capital markets, capital allocation and packaging industry experience will further enhance our Board’s existing business acumen, while bringing additional insights and perspectives in capital allocation and portfolio evaluation activities.”
About James T. Glerum
Glerum, age 64, retired as Vice Chairman, Investment Banking at Citigroup in July 2024. Prior to joining Citigroup in 2011, Mr. Glerum held senior leadership positions in investment banking at UBS and Credit Suisse in Chicago and New York City. Over his 40-year investment banking career, Mr. Glerum executed more than 325 corporate finance and strategic transactions with an aggregate value of over $500 billion. Mr. Glerum’s clients spanned multiple industry sectors, including manufacturing, healthcare, consumer, and retail. Mr. Glerum serves on the board of trustees for several Midwest non-profit institutions, including Denison University, The Ravina Festival, and The Griffin Museum of Science.
Mr. Glerum earned an M.B.A. from The Harvard Business School and a B.A., cum laude, in Economics and Mathematics from Denison University, the company said.
Berry Announces Third Quarter 2024 Results.
On Aug 2, 2024, Berry announced its third quarter 2024 results. According to the company, operating income increased by 13% compared to the prior year quarter, reaching $303 million. The increase was primarily attributable to organic volume growth and positive price-cost spread largely generated by our cost reduction initiatives.
Net sales decreased 7% to $959 million due to a negative impact from the pass-through of lower resin prices and the impact of completed divestitures. These headwinds were partially offset by organic volume growth of 1%, primarily driven by improvement in our industrial and personal care markets.
Operating income increased 16% to $79 million, primarily due to the positive impact from volume growth and positive price-cost spread driven by our cost reduction efforts, Berry added.
About Berry
At Berry Global Group, Inc. (NYSE: BERY), we create innovative packaging solutions that we believe make life better for people and the planet. We do this every day by leveraging our unmatched global capabilities, sustainability leadership, and deep innovation expertise to serve customers of all sizes around the world. Harnessing the strength in our diversity and industry-leading talent of over 40,000 global employees across more than 250 locations, we partner with customers to develop, design, and manufacture innovative products with an eye toward the circular economy. The challenges we solve and the innovations we pioneer benefit our customers at every stage of their journey.
