Why Sealed Air Corporation Stock Gained Today

Sealed Air Corporation SEE shares are trading higher after the company announced a leadership transition and reaffirmed full year 2023 guidance.

What To Know: After the close of the market on Monday, Sealed Air Corporation announced that Ted Doheny would step down as President and CEO, as well as a member of the Board. As part of the transition, Doheny will continue to serve the company in an advisory capacity.

Also, Emile Chammas, COO, and Dustin Semach, CFO, were appointed Interim Co-Presidents and Co-CEOs, in addition to their current roles. All changes were made effective immediately.

The Board is conducting a thorough search to identify the next CEO and will utilize the aid of a top executive search firm.

Also on Monday, the company reaffirmed its full year 2023 guidance for net sales in the range of $5.40 to $5.60 billion, full year earnings per share in the range of $2.75 to $2.95, and Free Cash Flow in the range of $325 to $375 million.

Shares of the stock traded higher on Tuesday in response to the news. Additionally, William Blair analyst Lawrence De Maria downgraded Sealed Air from Outperform to Market Perform.

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SEE Price Action: Shares of SEE were up 6.07% at $30.32 at the time of publication, according to Benzinga Pro.

Image by Stefan Schweihofer from Pixabay