V
Velarion™Intelligence
Sign InFree TrialBook a Walkthrough

Packaging Corp of America Executive Compensation (FY25)

PKG · Lake Forest, IL · Executive and director compensation, fiscal 2024 to 2025

The Packaging Corp of America brief, $1,500

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
From $1,200 for the board report; $2,400 for both.
Data as of September 7, 2026Latest filing (8-K): May 13, 2026
14 filings cited on this page
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
Packaging Corp of America brief$1,500Get the executive brief
217 figures on this page: 206 cited to the filing that reported them, 11 calculated from figures it prints. See the citations
Chief executive, fiscal 2025
◇
Mark Kowlzan
Median of the other named officers
$4,042,283
5 officers, excluding the chief executive
Latest say-on-pay support
=
May 12, 2026
Chief executive pay ratio
◇
To the median employee
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Mark Kowlzan: $15,672,470 → $16,992,255 (8.4% higher)
Say-on-pay support: 94.3% → 97.1% (2.8 points higher)

Frequently asked questions

Answers drawn from the data on this page.
Who is Packaging Corp of America's chief executive and what were they paid?
Mark Kowlzan, Chief Executive Officer, received $16,992,255 in total compensation for fiscal 2025. Kowlzan's total was 8.4% higher than the $15,672,470 reported for fiscal 2024.
What was Packaging Corp of America's say-on-pay result?
For fiscal 2025, shareholders backed the say-on-pay proposal with 97.1% of votes cast for or against in favor at the meeting held May 12, 2026.
Which companies are in Packaging Corp of America's peer group?
The disclosed peer group includes Aptargroup Inc., Ashland Global Holdings, Avery Dennison Corporation, Ball Corporation and Celanese Corporation, among others.
What is Packaging Corp of America's chief executive pay ratio?
For fiscal 2025, the company reported a chief executive pay ratio of 189.1:1, against median employee compensation of $89,867.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Mark Kowlzan
Chief Executive Officer
◇—◇—◇◇◇◇
Thomas Hassfurther
Executive Vice President Corrugated Products
◇—◇—◇—◇◇
Robert Mundy
Executive Vice President and Chief Financial Officer
◇—◇—◇—◇◇
Charles Carter
Executive Vice President Mill Operations
◇—◇—◇—◇◇
Donald Shirley
Senior Vice President, Corporate Engineering and Process Technology
◇—◇—◇◇◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Mark Kowlzan
Chief Executive Officer
◇—◇—◇◇◇◇
Thomas Hassfurther
President
◇—◇—◇◇◇◇
Charles Carter
Executive Vice President Mill Operations
◇—◇—◇—◇◇
Donald Shirley
Executive Vice President, Corrugated Products
◇—◇—◇◇◇◇
Kent Pflederer
Executive Vice President and Chief Financial Officer
◇—◇—◇—◇◇
Robert Mundy
Retired Executive Vice President and Chief Financial Officer
Departed during or after this year
◇———◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Charles J. CarterPSU◇◇◇—◇—◇
Charles J. CarterRSA◇——◇——◇
Donald R. ShirleyRSA◇——◇——◇
Donald R. ShirleyPSU◇◇◇—◇—◇
Kent A. PfledererRSA◇——◇——◇
Kent A. PfledererPSU◇◇◇—◇—◇
Mark W. KowlzanRSA◇——◇——◇
Mark W. KowlzanPSU◇◇◇—◇—◇
Thomas A. HassfurtherPSU◇◇◇—◇—◇
Thomas A. HassfurtherRSA◇——◇——◇
Fiscal 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Charles CarterPSU◇◇——
RSU◇◇——
RSU◇◇——
Kent PfledererRSU◇◇——
RSU◇◇——
PSU◇◇——
Robert MundyRSU◇◇——
PSU◇◇——
RSU◇◇——
Donald ShirleyRSU◇◇——
RSU◇◇——
PSU◇◇——
Mark KowlzanRSU◇◇——
RSU◇◇——
PSU◇◇——
Thomas HassfurtherPSU◇◇——
RSU◇◇——
RSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Severance and change in control

The terms as written in the agreements.
Kent Pflederer
Executive Vice President and Chief Financial Officer · Terms as described in the company’s compensation discussion · citing a 2026 filing
Non-compete period◇
Mark Kowlzan
Chief Executive Officer · Terms as described in the company’s compensation discussion · citing a 2026 filing
Non-compete period◇
Robert Mundy
Retired Executive Vice President and Chief Financial Officer · Severance agreement
Equity acceleration on change in control◇
Non-compete period◇
Non-solicit period◇
Clawback◇

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Karen E. Gowland
◇◇——◇—◇
Paul T. Stecko
◇◇——◇—◇
Cheryl K. Beebe
◇◇————◇
Samuel M. Mencoff
Lead independent director
◇◇————◇
Donna A. Harman
◇◇————◇
Roger B. Porter
◇◇————◇
Thomas S. Souleles
◇◇————◇
Robert C. Lyons
◇◇————◇
Duane C. Farrington
◇◇————◇
Mark W. Kowlzan served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • Aptargroup Inc. ATR
  • Ashland Global Holdings ASH
  • Avery Dennison Corporation AVY
  • Ball Corporation BLL
  • Celanese Corporation CE
  • Crown Holdings Inc CCK
  • Eastman Chemical Co EMN
  • Graphic Packaging Holding Company GPK
  • Greif, Inc GEF
  • Ingredion Incorporated INGR
  • International Paper Company IP
  • OI Glass, Inc OI
  • PPG Industries Inc. PPG
  • Sealed Air Corporation SEE
  • Smurfit WestRock plc SW
  • Sonoco Products Company SON
  • The Sherwin Williams Corporation SHW
  • Weyerhaeuser Company WY

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025May 12, 2026=◇◇◇
2024May 7, 2025=◇◇◇
2023May 8, 2024=◇◇◇
2022May 2, 2023=◇◇◇
2021May 17, 2022=◇◇◇
2020May 4, 2021=◇◇◇
2019May 5, 2020=◇◇◇
2018May 7, 2019=◇◇◇
2017May 15, 2018=◇◇◇
2016May 16, 2017=◇◇◇
2015May 17, 2016=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇
Email me this page as a cited PDF
The same figures, the same citations, formatted to hand to a committee. Nothing is added that is not on this page.
Your address is used for this and nothing else. Unsubscribe in one click.
Tell me when Packaging Corp of America files
You get a note when this company’s compensation data changes.
Your address is used for this and nothing else. Unsubscribe in one click.

What this page does not include

Everything above is a fact Packaging Corp of America disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Packaging Corp of America sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
Inquire about access
Multiple companies at once
Cross-company views, cohort screens, and data export across the industries we cover. This page is one company; the platform is all of them.
Velarion Intelligence
Join the list for a Velarion Pro seat
Full platform access for one person: every industry we cover, peer positioning, and the written analysis. We will email you when it opens.
Your address is used for this and nothing else. Unsubscribe in one click.
Join the list for Peer Group Review
Whether Packaging Corp of America's disclosed peer group is defensible, who names Packaging Corp of America back in their own benchmarking group, and how pay tracks performance across it. This is the analysis a compensation consultant delivers on the group above. We will email you when it opens.
Your address is used for this and nothing else. Unsubscribe in one click.

Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
217 figures on this page: 206 cited to the filing that reported them, 11 calculated from figures it prints.
206 cited to the filing
11 calculated from the filing

Documents cited

  1. 0001193125-26-221672
    Item 5.07 Submission of Matters to a Vote of Security Holders
  2. 0001193125-26-127602
    Compensation Discussion and Analysis · DIRECTOR COMPENSATION · Grants of Plan-Based Awards · Summary Compensation Table
  3. 0001193125-26-087363
    Employment Agreement
  4. 0001193125-25-117763
    Item 5.07 Submission of Matters to a Vote of Security Holders
  5. 0001193125-25-064584
    Summary Compensation Table
  6. 0001193125-24-134991
    Item 5.07 Submission of Matters to a Vote of Security Holders
  7. 0001193125-23-135286
    Item 5.07 Submission of Matters to a Vote of Security Holders
  8. 0001193125-22-155837
  9. 0001193125-21-152538
  10. 0001193125-20-134376
  11. 0001193125-19-144129
  12. 0001193125-18-165262
  13. 0001193125-17-174740
  14. 0001193125-16-595414
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “Packaging Corp of America executive compensation, FY2024–FY2025.” https://intel.velarion.ai/comp/PKG (accessed 2026).
Short form: data: Velarion

The Packaging Corp of America brief, $1,500

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
From $1,200 for the board report; $2,400 for both.
Get the executive briefGet the board briefNo account needed.
14 filings cited on this page
Method: intel.velarion.ai/methodology
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
Embed this data
A small, cited view of this data for your own page or newsletter. Every embed carries a visible link back here, so the attribution travels with it.
The headline figures, each with its citation.
Connect an AI assistant
Ask your own assistant about Packaging Corp of America and roughly 3,000 other US public companies, and get back the same figures on this page with the same citations. Free read access, no account. Add this to your assistant's connector settings.
Setup guide and the full list of questions it answers

Peers Packaging Corp of America discloses

The companies named in PKG's own disclosed peer group.

Aptargroup Inc.Ashland Global HoldingsAvery Dennison CorporationBall CorporationCelanese CorporationCrown Holdings IncEastman Chemical CoGraphic Packaging Holding CompanyGreif, IncIngredion IncorporatedInternational Paper CompanyOI Glass, IncPPG Industries Inc.Sealed Air CorporationSmurfit WestRock plcSonoco Products CompanyThe Sherwin Williams CorporationWeyerhaeuser Company

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
For informational purposes only. Not investment, legal, or compensation advice.  All companies · The Pay Desk · Methodology · Terms · Privacy