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Packaging Corp of America Executive Compensation (FY25)

PKG · Lake Forest, IL · Executive and director compensation, fiscal 2022 to 2025
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
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Data as of November 4, 2026Latest filing (8-K): May 13, 2026
14 filings cited on this page
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Packaging Corp of America brief$500Get the executive brief
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300 figures on this page: 289 cited to the filing that reported them, 11 calculated from figures it prints. See the citations
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. Companies named in the Comparative Peer Group include AptarGroup, Inc, Avery Dennison Corporation, Ball Corporation, Cascades, Inc. and Celanese Corporation, among others. The additional disclosed peer group names Aptargroup Inc., Ashland Global Holdings, Avery Dennison Corporation, Ball Corporation and Celanese Corporation, among others. Companies named in the ROIC and TSR Performance Peer Group include Cascades, Inc., Clearwater Paper Corporation, Magnera Corporation, Silgan Holdings Inc. and Sylvamo Company.
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 2022
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 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Mark Kowlzan
Chief Executive Officer
◇—◇—◇◇◇◇
Thomas Hassfurther
President
◇—◇—◇◇◇◇
Robert Mundy
Retired Executive Vice President and Chief Financial Officer
◇—◇—◇—◇◇
Charles Carter
Executive Vice President-- Mill Operations
◇—◇—◇—◇◇
Donald Shirley
Executive Vice President, Corrugated Products
◇—◇—◇◇◇◇
Kent Pflederer
Executive Vice President and Chief Financial Officer
◇—◇—◇—◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Mark Kowlzan
Chief Executive Officer
◇—◇—◇◇◇◇
Thomas Hassfurther
President
◇—◇—◇—◇◇
Robert Mundy
Retired Executive Vice President and Chief Financial Officer
◇—◇—◇—◇◇
Charles Carter
Executive Vice President-- Mill Operations
◇—◇—◇—◇◇
Donald Shirley
Executive Vice President, Corrugated Products
◇—◇—◇◇◇◇
Kent Pflederer
Executive Vice President and Chief Financial Officer
◇—◇—◇—◇◇
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. CarterRSU◇——◇——◇
Charles J. CarterPSU◇◇◇—◇—◇
Charles J. CarterPSU◇◇◇—◇—◇
Donald R. ShirleyPSU◇◇◇—◇—◇
Donald R. ShirleyRSU◇——◇——◇
Donald R. ShirleyPSU◇◇◇—◇—◇
Kent A. PfledererPSU◇◇◇—◇—◇
Kent A. PfledererRSU◇——◇——◇
Kent A. PfledererPSU◇◇◇—◇—◇
Mark W. KowlzanRSU◇——◇——◇
Mark W. KowlzanPSU◇◇◇—◇—◇
Mark W. KowlzanPSU◇◇◇—◇—◇
Thomas A. HassfurtherPSU◇◇◇—◇—◇
Thomas A. HassfurtherRSU◇——◇——◇
Thomas A. HassfurtherPSU◇◇◇—◇—◇
Fiscal 2022, 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
Mark KowlzanPSU◇◇——
RSU◇◇——
Thomas HassfurtherPSU◇◇——
RSU◇◇——
Charles CarterPSU◇◇——
RSU◇◇——
Robert MundyPSU◇◇——
RSU◇◇——
Donald ShirleyPSU◇◇——
RSU◇◇——
Kent PfledererPSU◇◇——
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
Non-compete period◇
Mark Kowlzan
Chief Executive Officer · Terms as described in the company’s compensation discussion
Non-compete period◇
Robert Mundy
Retired Executive Vice President and Chief Financial Officer · Retention 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
◇◇————◇
Duane C. Farrington
◇◇————◇
Robert C. Lyons
◇◇————◇
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.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Total board retainer◇
Lead independent director premium◇
Audit committee chair◇
Compensation committee chair◇
Nominating and governance chair◇
Equity is delivered as Stock.
Stock ownership guideline: Participants are required to achieve their guideline within five years of becoming subject to the guidelines. All of our non-management directors and named executive officers are in compliance with, or are making adequate progress toward compliance with, the guidelines.

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 SMW
  • Sonoco Products Company SON
  • The Sherwin Williams Corporation SHW
  • Weyerhaeuser Company WY
Comparative Peer Group
  • AptarGroup, Inc ATR
  • Avery Dennison Corporation AVY
  • Ball Corporation BLL
  • Cascades, Inc. symbol not shown
  • Celanese Corporation CE
  • Clearwater Paper Corporation CLW
  • Crown Holdings, Inc. CCK
  • Graphic Packaging Holding Company GPK
  • Greif, Inc. GEF
  • International Paper Company IP
  • Magnera Corporation MAGN
  • OI Glass, Inc. OI
  • Sealed Air Corporation SEE
  • Silgan Holdings Inc. SLGN
  • Smurfit WestRock Plc SW
  • Sonoco Products Co. SON
  • Sylvamo Company symbol not shown
  • The Sherwin Williams Corporation SHW
Additional disclosed peer group
  • 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
ROIC and TSR Performance Peer Group
  • Cascades, Inc. symbol not shown
  • Clearwater Paper Corporation CLW
  • Magnera Corporation MAGN
  • Silgan Holdings Inc. SLGN
  • Sylvamo Company symbol not shown

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
◇

Ask our research desk — $99, 24h, every figure cited to its filing.

Sample answer — “What is the CEO’s total compensation?”
- Mark Kowlzan (Chief Executive Officer), FY2025 total compensation $16,992,255 (base salary $1,539,396) [exec_comp, SEC accession 0001193125-26-127602, filed 2026-03-27]

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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.
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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.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
300 figures on this page: 289 cited to the filing that reported them, 11 calculated from figures it prints.
289 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
  3. 0001193125-26-087363
    Employment Agreement
  4. 0001193125-25-117763
    Item 5.07 Submission of Matters to a Vote of Security Holders
  5. 0001193125-24-134991
    Item 5.07 Submission of Matters to a Vote of Security Holders
  6. 0001193125-23-135286
    Item 5.07 Submission of Matters to a Vote of Security Holders
  7. 0001193125-23-077463
  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
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Velarion, “Packaging Corp of America executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/PKG (accessed 2026).
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14 filings cited on this page
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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 CorporationSonoco Products CompanyThe Sherwin Williams CorporationWeyerhaeuser CompanyClearwater Paper CorporationMagnera CorporationSilgan Holdings Inc.Smurfit WestRock Plc

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

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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}
}
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