New Graphic Packaging CEO says goal is to restore growth, improve business performance

Graphic Packaging has undergone a leadership transition to start the year, with Robbert Rietbroek taking over as president and CEO and replacing Michael P. Doss, who had held those roles since 2016 and been with the Atlanta-based company for 35 years.

Photo courtesy of Graphic Packaging 

It’s a move that received criticism from some shareholders in the subsequent weeks since the Dec. 8, 2025, announcement, when New York-based private equity firm Eminence Capital, which owns about 4.2 percent of Graphic Packaging Holding Co., sent an open letter to the company’s board of directors seeking immediate reinstatement of Doss as CEO. Eminence cited Rietbroek’s recent stint as CEO of Primo Brands Corp. as an “unmitigated disaster for investors” and describes him as an untested, unproven candidate.

However, in a letter filed with the Securities and Exchange Commission this week, Rietbroek outlines his leadership experience and vision for the future of Graphic Packaging, portraying a confident front as the company pushes forward with the transition.

Rietbroek notes his 25 years of leadership experience at companies like PepsiCo, Kimberly-Clark and Procter & Gamble, but also says he’s been a customer of Graphic Packaging for many years, allowing him to understand the value of the company’s manufacturing and innovation platform and the role its products play for customers and consumers, particularly Graphic Packaging’s recycled paperboard manufacturing.

“The company’s investments in Kalamazoo [Michigan] and Waco [Texas] have positioned Graphic Packaging with some of the most efficient and highest quality recycled paperboard manufacturing facilities in North America,” he says in the letter.

“We have world-class manufacturing, technical and innovation talent and capabilities and strong customer relationships. We have an industry-leading platform and need to position ourselves to achieve and exceed our Vision 2030 goals: drive organic growth, deepen our operational excellence and enhance shareholder returns in an evolving, sustainable consumer packaging market.”

However, Rietbroek acknowledges the challenges ahead, both in the broader packaging market and within Graphic Packaging, listing declining volumes, continued margin pressure, elevated debt and a decline in stock price as several examples.

“These are signals that we need to take action to improve company performance and stay ahead of the competition,” he says. “My goal as CEO is to restore growth and improve business performance and, in that process, create value for all of our stakeholders, from our employees, customers and vendors to our stockholders and bondholders.”

Rietbroek also notes that New York-based global consulting firm AlixPartners has been brought on to help Graphic Packaging identify areas for improvement and says that early findings indicate meaningful opportunities to optimize its process as the company prioritizes serving customers while accelerating innovation.

Financially, Rietbroek says Graphic Packaging will sharpen its focus on earnings and free cash flow generation. With the recycled paperboard mill in Waco complete and continuing to ramp up, the company’s capital spending is expected to be lower, with Rietbroek saying that will allow Graphic Packaging to establish capital spending at about 5 percent of sales. He also says the company will focus on reducing its elevated inventory levels.

“Although there is a lot of work ahead, we are guided by our proven strengths,” Rietbroek concludes. “We have some of the best operators in the industry, including in our recycled and wood-based paperboard manufacturing facilities and packaging plants. The quality and strength of our supply chain, innovation and commercialization capabilities will be central to our success. I am eager to work with you and am committed to building on our strengths, unlocking our potential and delivering exceptional customer service, day in, day out.”