Graphic Packaging CFO Stephen Scherger resigns to join Amcor — What investors should know

Graphic Packaging Holding Company (NYSE: GPK) has announced the resignation of its long-time Executive Vice President and Chief Financial Officer, Stephen R. Scherger, who will step down effective November 7, 2025. The move concludes a decade-long tenure during which Scherger oversaw some of the company’s most transformative years, marked by growth, acquisitions, and operational integration across its paperboard packaging portfolio.

The Atlanta-based firm said Charles D. Lischer, currently its Senior Vice President and Chief Accounting Officer, will assume the role of interim CFO beginning the same day. Scherger will remain through the close of the third quarter to finalize reporting and ensure a smooth transition. Just days later, he is set to take on the CFO role at Amcor plc (NYSE: AMCR), a key competitor in the global packaging market.

This leadership handover comes at a delicate time for Graphic Packaging, which is navigating inflationary pressures, volatile raw material costs, and evolving sustainability regulations that continue to reshape the global packaging industry.

Why did Graphic Packaging time its CFO transition for November, and what does it reveal about its strategy?

The November exit date was no accident. Scheduling the transition immediately after quarterly close allows Scherger to complete financial reporting and maintain continuity through the company’s critical third-quarter cycle. The timing aligns with best practice in capital-intensive industries like packaging, where accounting periods often coincide with capital expenditure and debt-service planning.

By appointing an internal executive as interim CFO, Graphic Packaging signaled its intent to maintain financial discipline and reassure investors that day-to-day operations will continue uninterrupted. The appointment of Lischer, who has led the company’s accounting and compliance systems since 2019, highlights the board’s preference for stability during what could otherwise be a disruptive leadership change.

The company’s formal disclosure characterized the move as an “orderly transition,” emphasizing succession planning and alignment between finance and strategic operations. Still, the choice to keep the interim title leaves open questions about long-term direction, especially as Scherger transitions to a direct competitor.

Who are Stephen Scherger and Charles Lischer, and why does their leadership background matter to investors?

Scherger’s impact on Graphic Packaging Holding Company is significant. Having joined the firm’s leadership ranks in 2015, he helped double revenue to nearly $9 billion while nearly tripling net income. He played a pivotal role in acquisition financing, debt reduction, and the integration of major assets that strengthened Graphic Packaging’s presence in North America and Europe.

Before joining the company, Scherger held senior finance and strategy roles at MeadWestvaco, where he developed a reputation for operational discipline and capital stewardship. His steady hand during the 2020–2023 supply-chain crisis earned him recognition among institutional investors as one of the more conservative CFOs in the manufacturing sector.

Charles D. Lischer, age 56, is a career finance professional with experience at Teradata Corporation and The Coca-Cola Company before joining Graphic Packaging in 2019. As Senior Vice President and Chief Accounting Officer, he managed financial reporting, regulatory compliance, and internal controls—core competencies critical to maintaining investor confidence during a leadership transition. His appointment, while temporary, is widely viewed as a safe and familiar choice designed to reassure both the markets and rating agencies.

How did investors and analysts react to Stephen Scherger’s resignation and the appointment of an interim CFO?

Markets reacted swiftly. GPK shares dropped by roughly 3.5% on the day of the announcement as traders priced in near-term uncertainty. Historically, CFO resignations without a permanent successor have triggered one- to five-percent dips in stock value across industrial peers, and Graphic Packaging’s decline fit that pattern.

Analysts across major brokerages adopted a cautious tone. RBC Capital Markets downgraded the stock from Outperform to Sector Perform while cutting its target price from $25 to $21. UBS followed with a neutral stance and a $20 target. The downgrades reflected concerns about leadership stability and lingering headwinds across the consumer packaging segment.

Despite this, the company’s financial foundation remains solid. For the most recent quarter, Graphic Packaging reported earnings per share of $0.42 on revenue of $2.2 billion, marginally exceeding consensus forecasts. Its debt-to-equity ratio of around 1.8 remains manageable, and the company continued paying a quarterly dividend of $0.11 per share.

Market sentiment among institutional investors remains moderately cautious. While long-term holders such as Vanguard, BlackRock, and State Street have not significantly altered positions, short-term trading volumes rose following the resignation announcement—a sign that some funds are trimming exposure until a permanent CFO is announced.

What competitive dynamics arise from Scherger’s move to Amcor, and does it create strategic risk for Graphic Packaging?

Scherger’s appointment as CFO of Amcor just three days after his departure from Graphic Packaging raises questions of competitive intelligence and leadership poaching. Both companies operate in overlapping verticals—consumer packaging, fiber-based containers, and sustainable materials—and compete for similar multinational clients in food, beverage, and personal care sectors.

While strict confidentiality agreements limit direct transfer of proprietary information, industry analysts see the move as symbolically significant. It underscores the high demand for experienced financial executives who understand both cost management and environmental-sustainability investments—two defining challenges of the packaging industry’s next decade.

For Amcor, hiring a CFO with deep experience in fiber-based packaging signals its intent to further diversify beyond flexible plastics. For Graphic Packaging, the move represents the loss of a seasoned executive during a period when capital allocation and cost optimization are under the spotlight.

Still, analysts note that such leadership shifts are not unprecedented. Historically, talent rotation between packaging peers has often coincided with broader consolidation cycles. The key question is whether Graphic Packaging will use the transition to refresh its financial leadership playbook or merely backfill the role.

How does this CFO transition reflect larger shifts in the packaging industry and investor expectations?

The global packaging industry is in flux. Companies like Graphic Packaging, Amcor, and WestRock are under simultaneous pressure to reduce carbon footprints, manage pulp price volatility, and address consumer demand for sustainable materials. CFOs are now as much stewards of ESG strategy as they are of balance sheets.

In this context, Scherger’s move highlights a broader realignment in financial leadership priorities. Where once CFOs were measured primarily on cost control, today they are also expected to manage long-term sustainability investments, digital transformation, and capital market access for green bonds or sustainability-linked loans.

For investors, the packaging sector’s leadership turnover adds a layer of uncertainty at a time when valuations are already compressed. Graphic Packaging’s price-to-earnings multiple—hovering around 10× forward earnings—reflects market skepticism about near-term growth, despite steady margins. The CFO transition thus becomes more than a personnel story; it is a reflection of evolving investor expectations in a post-inflation packaging cycle.

What are the main risks and opportunities for Graphic Packaging after Scherger’s departure?

The immediate risk is leadership gap perception. Interim CFO arrangements often carry limited authority for strategic overhauls, leaving investors wondering whether the company can accelerate debt reduction or continue capital expenditures without hesitation.

Another risk is external perception: when a senior executive departs for a competitor, it can signal differing internal priorities or board disagreements over pace of expansion. However, there is no evidence of friction in this case, and the timing—right after quarter close—suggests pre-planned succession.

On the opportunity side, a new financial leader can inject fresh thinking into capital allocation. The packaging industry is transitioning toward automation, circular-economy compliance, and material science innovation. A new CFO could realign spending toward these growth drivers and reinforce investor trust.

If Lischer is eventually confirmed as permanent CFO, that would indicate a board commitment to continuity. Conversely, recruiting an external finance executive could signal a shift in growth or acquisition strategy, especially if Graphic Packaging eyes expansion in Europe or Asia through M&A.

What should investors track over the next two quarters as the transition unfolds?

Analysts expect several signposts to determine whether confidence stabilizes. The first will be Q3 2025 earnings, which Scherger will close out before departing. Consistency in margin performance will reassure investors that the handover is well managed.

The second will be guidance commentary. Any revision to capital spending, leverage targets, or share-buyback plans could indicate recalibration under interim leadership. Third, watch for executive search announcements. The speed and transparency of the permanent CFO appointment process will directly affect market sentiment.

Institutional flow data over the coming months will also be instructive. If foreign institutional investors (FIIs) maintain exposure or domestic institutions (DIIs) increase stakes, it would suggest faith in the company’s operational fundamentals despite leadership flux. Conversely, persistent outflows could pressure the stock further.

In valuation terms, the stock’s correction brings it closer to fair value levels identified by most analysts—around $20–$21 per share. That range, if sustained, could attract value-focused funds positioning for a rebound once leadership clarity returns.

Will Graphic Packaging’s leadership handover test market confidence in 2025?

The resignation of Stephen Scherger as CFO of Graphic Packaging Holding Company is less about abrupt change and more about carefully managed succession. The company’s decision to appoint Charles Lischer as interim CFO demonstrates a commitment to continuity, while Scherger’s move to Amcor underscores his ongoing relevance in the global packaging landscape.

For investors, this is a wait-and-watch phase. The fundamentals of the company remain intact, but market sentiment will hinge on how quickly a permanent successor is appointed and how convincingly management reaffirms its capital discipline. The packaging sector is undergoing a strategic inflection, and leadership steadiness will be key to maintaining valuation support in the quarters ahead.

If Graphic Packaging uses this transition to refine its operational efficiency and sustainability-linked investment story, the CFO change could ultimately become a net positive rather than a setback. But for now, cautious optimism prevails—grounded in stability, tempered by uncertainty.