WESTROCK CO, DEF 14A filed on 12/13/2023
Proxy Statement (definitive)
v3.23.3
Cover
 12 Months Ended
Sep. 30, 2023
Document Information [Line Items]  
Document Type DEF 14A
Amendment Flag false
Entity Information [Line Items]  
Entity Registrant Name WestRock Company
Entity Central Index Key 0001732845
v3.23.3
Pay vs Performance Disclosure - USD ($)
 12 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2021
Pay vs Performance Disclosure      
Pay vs Performance Disclosure, Table
PAY VERSUS PERFORMANCE
In accordance with Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act and Item 402(v) of Regulation
S-K,
we are providing the following disclosure regarding executive compensation for our principal executive officers (“PEOs”) and
Non-PEO
NEOs and Company performance for the fiscal years listed below. The Compensation Committee did not consider the pay versus performance disclosure below in making its pay decisions for any of the years shown.
For information concerning how we seek to align executive compensation with our performance, see “Compensation Matters – Compensation Discussion and Analysis.”
 
Fiscal
Year
  
Summary
Compensation
Table Total for
David B.
Sewell
(1)
($)
  
Summary
Compensation
Table Total for
Steven C.
Voorhees
(1)
($)
  
“Compensation
Actually Paid”
to David B.
Sewell
(1)
(2)
(3)
($)
  
“Compensation
Actually Paid”
to Steven C.
Voorhees
(1)
(2)
(3)
($)
  
Average
Summary
Compensation
Table Total for
Non-PEO

NEOs
(1)
($)
  
Average
“Compensation
Actually Paid”
to
Non-PEO

NEOs
(1)
(2)
(3)
($)
      
Value of Initial Fixed
$100 Investment
based on:
(4)
  
Consolidated
Net Income
(Loss)
($ Millions)
  
Consolidated  
Adjusted  
EBITDA  
($ Millions)
(5)
  
 
    TSR    
($)
  
Peer
    Group    
TSR
($)
2023
    
 
12,615,612
    
 
-
    
 
11,092,519
    
 
-
    
 
3,032,609
    
 
3,077,429
        
 
110.95
    
 
107.19
    
 
(1,644.2
)
    
 
2,978.6  
2022
    
 
11,576,270
    
 
-
    
 
4,542,649
    
 
-
    
 
4,748,652
    
 
2,065,815
        
 
92.52
    
 
96.48
    
 
949.2
    
 
3,459.4  
2021
    
 
21,189,086
    
 
5,048,797
    
 
20,952,302
    
 
12,631,581
    
 
4,013,178
    
 
4,679,058
        
 
146.09
    
 
126.95
    
 
842.5
    
 
2,999.2  
 
(1)
Mr. Sewell has been our PEO since March 2021. Steven C. Voorhees was our PEO from July 2015 to March 2021. The individuals comprising the
Non-PEO
NEOs for each fiscal year presented are listed below. Mr. Pease was appointed as our principal financial officer (“PFO”), effective in November 2021; Mr. Dickson stepped down as our PFO at that time, and he retired from the Company in December 2021.
 
Fiscal 2021
   
Fiscal 2022
   
Fiscal 2023
Ward H. Dickson
   
Ward H. Dickson
   
Alexander W. Pease
Jeffrey W. Chalovich
   
Alexander W. Pease
   
Patrick M. Kivits
Patrick E. Lindner
   
Patrick M. Kivits
   
Denise R. Singleton
Patrick M. Kivits
   
Denise R. Singleton
   
Thomas M. Stigers
Robert B. McIntosh
   
Thomas M. Stigers
   
-
 
(2)
The amounts shown for “Compensation Actually Paid” have been calculated in accordance with Item 402(v) of Regulation
S-K
and do not reflect compensation actually earned, realized, or received by the Company’s NEOs. These amounts reflect the Summary Compensation Table Total with certain adjustments as described in footnote 3 below.
(3)
“Compensation Actually Paid” reflects the exclusions and inclusions of certain amounts for the PEOs and the
Non-PEO
NEOs as set forth below. Equity values are calculated in accordance with ASC 718. Amounts in the Exclusion of Stock Awards column are the totals from the Stock Awards column set forth in the Summary Compensation Table. Accelerated or enhanced vesting of equity awards for our NEOs upon retirement is subject to, among other things, a six-month advance notice requirement, and none of these substantive conditions was deemed to be satisfied in fiscal 2023, 2022 or 2021. Accordingly, none of our NEOs is reflected as retirement eligible in the tables below.
 
Fiscal Year
     
Summary Compensation
Table Total for
David B. Sewell
($)
     
Exclusion of Stock
Awards for
David B. Sewell
($)
     
Inclusion of Equity
Values for
David B. Sewell
($)
     
“Compensation Actually  
Paid” to  
David B. Sewell  
($)  
      2023
       
 
12,615,612
       
 
(9,544,333
)
       
 
8,021,240
       
 
11,092,519  
      2022
       
 
11,576,270
       
 
(7,591,297
)
       
 
557,676
       
 
4,542,649  
      2021
       
 
21,189,086
       
 
(18,896,377
)
       
 
18,659,593
       
 
20,952,302  
 
Fiscal Year
     
Summary Compensation
Table Total for
Steven C. Voorhees
($)
     
Exclusion of Stock
Awards for
Steven C. Voorhees
($)
     
Inclusion of Equity
Values for
Steven C. Voorhees
($)
     
“Compensation Actually  
Paid” to  
Steven C. Voorhees
($)  
      2021
       
 
5,048,797
       
 
(504,187
)
       
 
8,086,971
       
 
12,631,581  
 
Fiscal Year
     
Average Summary
Compensation Table
Total for Non-PEO NEOs
($)
     
Average Exclusion of
Stock Awards for Non-
PEO NEOs
($)
     
Average Inclusion of
Equity Values for Non-
PEO NEOs
($)
     
Average Compensation  
Actually Paid to  
Non-PEO
NEOs  
($)  
      2023
       
 
3,032,609
       
 
(1,573,706
)
       
 
1,618,526
       
 
3,077,429  
      2022
       
 
4,748,652
       
 
(3,281,678
)
       
 
598,841
       
 
2,065,815  
      2021
       
 
4,013,178
       
 
(2,179,754
)
       
 
2,845,634
       
 
4,679,058  
 
 
  
The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:
 
Fiscal
Year
   
Year-End
Fair
Value of Equity
Awards Granted
During Year
That Remained
Unvested as of
Last Day of
Year for David
B. Sewell
($)
   
Change in Fair
Value from Last
Day of Prior
Year to Last
Day of Year of
Unvested
Equity Awards
for David B.
Sewell
($)
   
Vesting-Date
Fair Value of
Equity Awards
Granted
During Year
that Vested
During Year
for David B.
Sewell
($)
   
Change in Fair
Value from Last
Day of Prior Year
to Vesting
Date of Unvested
Equity Awards
that Vested During
Year for David B.
Sewell
($)
   
Fair Value at Last
Day of Prior Year
of Equity Awards
That Failed to
Meet Applicable
Vesting Conditions
During Year for
David B. Sewell
($)
   
Value of
Dividends or
Other Earnings
Paid on Equity
Awards Not
Otherwise
Included for
David B.
Sewell
($)
   
Total -  
Inclusion of  
Equity Values  
for David B.  
Sewell  
($)  
2023
     
 
10,072,009
     
 
(1,918,071
)
     
 
-
     
 
(132,698
)
     
 
-
     
 
-
     
 
8,021,240  
2022
     
 
6,601,086
     
 
(5,839,186
)
     
 
-
     
 
(204,224
)
     
 
-
     
 
-
     
 
557,676  
2021
     
 
18,659,593
     
 
-
     
 
-
     
 
-
     
 
-
     
 
-
     
 
18,659,593  
 
Fiscal
Year
   
Year-End
Fair
Value of Equity
Awards Granted
During Year
That Remained
Unvested as of
Last Day of
Year for Steven
C. Voorhees
($)
   
Change in Fair
Value from Last
Day of Prior
Year to Last
Day of Year of
Unvested
Equity Awards
for Steven C.
Voorhees
($)
   
Vesting-Date
Fair Value of
Equity Awards
Granted
During Year
that Vested
During Year
for Steven C.
Voorhees
($)
   
Change in Fair
Value from Last
Day of Prior Year
to Vesting
Date of Unvested
Equity Awards
that Vested During
Year for Steven C.
Voorhees
($)
   
Fair Value at Last
Day of Prior Year
of Equity Awards
That Failed to
Meet Applicable
Vesting Conditions
During Year for
Steven C.
Voorhees
($)
   
Value of
Dividends or
Other Earnings
Paid on Equity
Awards Not
Otherwise
Included for
Steven C.
Voorhees
($)
   
Total -  
Inclusion of  
Equity Values  
for Steven C.  
Voorhees  
($)  
2021
     
 
472,542
     
 
5,827,230
     
 
143,563
     
 
1,643,636
     
 
-
     
 
-
     
 
8,086,971  
 
Fiscal
Year
   
Average
Year-End
Fair
Value of Equity
Awards Granted
During Year
That Remained
Unvested as of
Last Day of
Year for
Non-PEO
NEOs
($)
   
Average
Change in Fair
Value from Last
Day of Prior
Year to Last
Day of Year of
Unvested
Equity Awards
for
Non-PEO

NEOs
($)
   
Average
Vesting-Date
Fair Value of
Equity Awards
Granted
During Year
that Vested
During Year
for
Non-PEO

NEOs
($)
   
Average
Change in Fair
Value from Last
Day of Prior Year
to Vesting Date of
Unvested Equity
Awards
that Vested During
Year for
Non-PEO

NEOs
($)
   
Average Fair Value
at Last Day of
Prior Year of
Equity Awards
That Failed to
Meet Applicable
Vesting Conditions
During Year for
Non-PEO
NEOs
($)
   
Average Value
of Dividends or
Other Earnings
Paid on Equity
Awards Not
Otherwise
Included for
Non-PEO

NEOs
($)
   
Total -  
Average  
Inclusion of  
Equity Values  
for
Non-PEO  

NEOs  
($)  
2023
     
 
1,660,719
     
 
(153,397
)
     
 
-
     
 
111,204
     
 
-
     
 
-
     
 
1,618,526  
2022
     
 
2,015,596
     
 
(551,533
)
     
 
-
     
 
(13,343
)
     
 
(851,879
)
     
 
-
     
 
598,841  
2021
     
 
2,001,066
     
 
989,023
     
 
19,470
     
 
39,964
     
 
(203,889
)
     
 
-
     
 
2,845,634  
 
(4)
The Peer Group TSR set forth in this table utilizes the Dow Jones Containers & Packaging Index, which we also utilize in the stock performance graph included in our 2023 Form 10-K. The comparison in this table assumes $100 was invested for the period starting September 30, 2020, through the end of the listed year in the Company and in the Dow Jones Containers & Packaging Index, respectively. Historical stock performance is not necessarily indicative of future stock performance.
(5)
We determined Consolidated Adjusted EBITDA to be the most important financial performance measure used to link our performance to “Compensation Actually Paid” to our PEO and
Non-PEO
NEOs in fiscal 2023 as it is the largest weighted metric under our STIP. This performance measure may not have been the most important financial performance measure for fiscal years 2022 and 2021, and we may determine a different financial performance measure to be the most important financial performance measure in future years. Consolidated Adjusted EBITDA is calculated by aggregating each segment’s Adjusted EBITDA plus non-allocated expenses, as reflected in the segment footnote in our 2023 Form 10-K.
   
Company Selected Measure Name Consolidated Adjusted EBITDA    
Named Executive Officers, Footnote
(1)
Mr. Sewell has been our PEO since March 2021. Steven C. Voorhees was our PEO from July 2015 to March 2021. The individuals comprising the
Non-PEO
NEOs for each fiscal year presented are listed below. Mr. Pease was appointed as our principal financial officer (“PFO”), effective in November 2021; Mr. Dickson stepped down as our PFO at that time, and he retired from the Company in December 2021.
 
Fiscal 2021
   
Fiscal 2022
   
Fiscal 2023
Ward H. Dickson
   
Ward H. Dickson
   
Alexander W. Pease
Jeffrey W. Chalovich
   
Alexander W. Pease
   
Patrick M. Kivits
Patrick E. Lindner
   
Patrick M. Kivits
   
Denise R. Singleton
Patrick M. Kivits
   
Denise R. Singleton
   
Thomas M. Stigers
Robert B. McIntosh
   
Thomas M. Stigers
   
-
    
Peer Group Issuers, Footnote The Peer Group TSR set forth in this table utilizes the Dow Jones Containers & Packaging Index, which we also utilize in the stock performance graph included in our 2023 Form 10-K. The comparison in this table assumes $100 was invested for the period starting September 30, 2020, through the end of the listed year in the Company and in the Dow Jones Containers & Packaging Index, respectively. Historical stock performance is not necessarily indicative of future stock performance.    
PEO Total Compensation Amount     $ 5,048,797
Adjustment To PEO Compensation, Footnote
(3)
“Compensation Actually Paid” reflects the exclusions and inclusions of certain amounts for the PEOs and the
Non-PEO
NEOs as set forth below. Equity values are calculated in accordance with ASC 718. Amounts in the Exclusion of Stock Awards column are the totals from the Stock Awards column set forth in the Summary Compensation Table. Accelerated or enhanced vesting of equity awards for our NEOs upon retirement is subject to, among other things, a six-month advance notice requirement, and none of these substantive conditions was deemed to be satisfied in fiscal 2023, 2022 or 2021. Accordingly, none of our NEOs is reflected as retirement eligible in the tables below.
 
Fiscal Year
     
Summary Compensation
Table Total for
David B. Sewell
($)
     
Exclusion of Stock
Awards for
David B. Sewell
($)
     
Inclusion of Equity
Values for
David B. Sewell
($)
     
“Compensation Actually  
Paid” to  
David B. Sewell  
($)  
      2023
       
 
12,615,612
       
 
(9,544,333
)
       
 
8,021,240
       
 
11,092,519  
      2022
       
 
11,576,270
       
 
(7,591,297
)
       
 
557,676
       
 
4,542,649  
      2021
       
 
21,189,086
       
 
(18,896,377
)
       
 
18,659,593
       
 
20,952,302  
 
Fiscal Year
     
Summary Compensation
Table Total for
Steven C. Voorhees
($)
     
Exclusion of Stock
Awards for
Steven C. Voorhees
($)
     
Inclusion of Equity
Values for
Steven C. Voorhees
($)
     
“Compensation Actually  
Paid” to  
Steven C. Voorhees
($)  
      2021
       
 
5,048,797
       
 
(504,187
)
       
 
8,086,971
       
 
12,631,581  
 
Fiscal Year
     
Average Summary
Compensation Table
Total for Non-PEO NEOs
($)
     
Average Exclusion of
Stock Awards for Non-
PEO NEOs
($)
     
Average Inclusion of
Equity Values for Non-
PEO NEOs
($)
     
Average Compensation  
Actually Paid to  
Non-PEO
NEOs  
($)  
      2023
       
 
3,032,609
       
 
(1,573,706
)
       
 
1,618,526
       
 
3,077,429  
      2022
       
 
4,748,652
       
 
(3,281,678
)
       
 
598,841
       
 
2,065,815  
      2021
       
 
4,013,178
       
 
(2,179,754
)
       
 
2,845,634
       
 
4,679,058  
 
 
  
The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:
 
Fiscal
Year
   
Year-End
Fair
Value of Equity
Awards Granted
During Year
That Remained
Unvested as of
Last Day of
Year for David
B. Sewell
($)
   
Change in Fair
Value from Last
Day of Prior
Year to Last
Day of Year of
Unvested
Equity Awards
for David B.
Sewell
($)
   
Vesting-Date
Fair Value of
Equity Awards
Granted
During Year
that Vested
During Year
for David B.
Sewell
($)
   
Change in Fair
Value from Last
Day of Prior Year
to Vesting
Date of Unvested
Equity Awards
that Vested During
Year for David B.
Sewell
($)
   
Fair Value at Last
Day of Prior Year
of Equity Awards
That Failed to
Meet Applicable
Vesting Conditions
During Year for
David B. Sewell
($)
   
Value of
Dividends or
Other Earnings
Paid on Equity
Awards Not
Otherwise
Included for
David B.
Sewell
($)
   
Total -  
Inclusion of  
Equity Values  
for David B.  
Sewell  
($)  
2023
     
 
10,072,009
     
 
(1,918,071
)
     
 
-
     
 
(132,698
)
     
 
-
     
 
-
     
 
8,021,240  
2022
     
 
6,601,086
     
 
(5,839,186
)
     
 
-
     
 
(204,224
)
     
 
-
     
 
-
     
 
557,676  
2021
     
 
18,659,593
     
 
-
     
 
-
     
 
-
     
 
-
     
 
-
     
 
18,659,593  
 
Fiscal
Year
   
Year-End
Fair
Value of Equity
Awards Granted
During Year
That Remained
Unvested as of
Last Day of
Year for Steven
C. Voorhees
($)
   
Change in Fair
Value from Last
Day of Prior
Year to Last
Day of Year of
Unvested
Equity Awards
for Steven C.
Voorhees
($)
   
Vesting-Date
Fair Value of
Equity Awards
Granted
During Year
that Vested
During Year
for Steven C.
Voorhees
($)
   
Change in Fair
Value from Last
Day of Prior Year
to Vesting
Date of Unvested
Equity Awards
that Vested During
Year for Steven C.
Voorhees
($)
   
Fair Value at Last
Day of Prior Year
of Equity Awards
That Failed to
Meet Applicable
Vesting Conditions
During Year for
Steven C.
Voorhees
($)
   
Value of
Dividends or
Other Earnings
Paid on Equity
Awards Not
Otherwise
Included for
Steven C.
Voorhees
($)
   
Total -  
Inclusion of  
Equity Values  
for Steven C.  
Voorhees  
($)  
2021
     
 
472,542
     
 
5,827,230
     
 
143,563
     
 
1,643,636
     
 
-
     
 
-
     
 
8,086,971  
 
Fiscal
Year
   
Average
Year-End
Fair
Value of Equity
Awards Granted
During Year
That Remained
Unvested as of
Last Day of
Year for
Non-PEO
NEOs
($)
   
Average
Change in Fair
Value from Last
Day of Prior
Year to Last
Day of Year of
Unvested
Equity Awards
for
Non-PEO

NEOs
($)
   
Average
Vesting-Date
Fair Value of
Equity Awards
Granted
During Year
that Vested
During Year
for
Non-PEO

NEOs
($)
   
Average
Change in Fair
Value from Last
Day of Prior Year
to Vesting Date of
Unvested Equity
Awards
that Vested During
Year for
Non-PEO

NEOs
($)
   
Average Fair Value
at Last Day of
Prior Year of
Equity Awards
That Failed to
Meet Applicable
Vesting Conditions
During Year for
Non-PEO
NEOs
($)
   
Average Value
of Dividends or
Other Earnings
Paid on Equity
Awards Not
Otherwise
Included for
Non-PEO

NEOs
($)
   
Total -  
Average  
Inclusion of  
Equity Values  
for
Non-PEO  

NEOs  
($)  
2023
     
 
1,660,719
     
 
(153,397
)
     
 
-
     
 
111,204
     
 
-
     
 
-
     
 
1,618,526  
2022
     
 
2,015,596
     
 
(551,533
)
     
 
-
     
 
(13,343
)
     
 
(851,879
)
     
 
-
     
 
598,841  
2021
     
 
2,001,066
     
 
989,023
     
 
19,470
     
 
39,964
     
 
(203,889
)
     
 
-
     
 
2,845,634  
   
Non-PEO NEO Average Total Compensation Amount $ 3,032,609 $ 4,748,652 4,013,178
Non-PEO NEO Average Compensation Actually Paid Amount $ 3,077,429 2,065,815 4,679,058
Adjustment to Non-PEO NEO Compensation Footnote
(3)
“Compensation Actually Paid” reflects the exclusions and inclusions of certain amounts for the PEOs and the
Non-PEO
NEOs as set forth below. Equity values are calculated in accordance with ASC 718. Amounts in the Exclusion of Stock Awards column are the totals from the Stock Awards column set forth in the Summary Compensation Table. Accelerated or enhanced vesting of equity awards for our NEOs upon retirement is subject to, among other things, a six-month advance notice requirement, and none of these substantive conditions was deemed to be satisfied in fiscal 2023, 2022 or 2021. Accordingly, none of our NEOs is reflected as retirement eligible in the tables below.
 
Fiscal Year
     
Summary Compensation
Table Total for
David B. Sewell
($)
     
Exclusion of Stock
Awards for
David B. Sewell
($)
     
Inclusion of Equity
Values for
David B. Sewell
($)
     
“Compensation Actually  
Paid” to  
David B. Sewell  
($)  
      2023
       
 
12,615,612
       
 
(9,544,333
)
       
 
8,021,240
       
 
11,092,519  
      2022
       
 
11,576,270
       
 
(7,591,297
)
       
 
557,676
       
 
4,542,649  
      2021
       
 
21,189,086
       
 
(18,896,377
)
       
 
18,659,593
       
 
20,952,302  
 
Fiscal Year
     
Summary Compensation
Table Total for
Steven C. Voorhees
($)
     
Exclusion of Stock
Awards for
Steven C. Voorhees
($)
     
Inclusion of Equity
Values for
Steven C. Voorhees
($)
     
“Compensation Actually  
Paid” to  
Steven C. Voorhees
($)  
      2021
       
 
5,048,797
       
 
(504,187
)
       
 
8,086,971
       
 
12,631,581  
 
Fiscal Year
     
Average Summary
Compensation Table
Total for Non-PEO NEOs
($)
     
Average Exclusion of
Stock Awards for Non-
PEO NEOs
($)
     
Average Inclusion of
Equity Values for Non-
PEO NEOs
($)
     
Average Compensation  
Actually Paid to  
Non-PEO
NEOs  
($)  
      2023
       
 
3,032,609
       
 
(1,573,706
)
       
 
1,618,526
       
 
3,077,429  
      2022
       
 
4,748,652
       
 
(3,281,678
)
       
 
598,841
       
 
2,065,815  
      2021
       
 
4,013,178
       
 
(2,179,754
)
       
 
2,845,634
       
 
4,679,058  
 
 
  
The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:
 
Fiscal
Year
   
Year-End
Fair
Value of Equity
Awards Granted
During Year
That Remained
Unvested as of
Last Day of
Year for David
B. Sewell
($)
   
Change in Fair
Value from Last
Day of Prior
Year to Last
Day of Year of
Unvested
Equity Awards
for David B.
Sewell
($)
   
Vesting-Date
Fair Value of
Equity Awards
Granted
During Year
that Vested
During Year
for David B.
Sewell
($)
   
Change in Fair
Value from Last
Day of Prior Year
to Vesting
Date of Unvested
Equity Awards
that Vested During
Year for David B.
Sewell
($)
   
Fair Value at Last
Day of Prior Year
of Equity Awards
That Failed to
Meet Applicable
Vesting Conditions
During Year for
David B. Sewell
($)
   
Value of
Dividends or
Other Earnings
Paid on Equity
Awards Not
Otherwise
Included for
David B.
Sewell
($)
   
Total -  
Inclusion of  
Equity Values  
for David B.  
Sewell  
($)  
2023
     
 
10,072,009
     
 
(1,918,071
)
     
 
-
     
 
(132,698
)
     
 
-
     
 
-
     
 
8,021,240  
2022
     
 
6,601,086
     
 
(5,839,186
)
     
 
-
     
 
(204,224
)
     
 
-
     
 
-
     
 
557,676  
2021
     
 
18,659,593
     
 
-
     
 
-
     
 
-
     
 
-
     
 
-
     
 
18,659,593  
 
Fiscal
Year
   
Year-End
Fair
Value of Equity
Awards Granted
During Year
That Remained
Unvested as of
Last Day of
Year for Steven
C. Voorhees
($)
   
Change in Fair
Value from Last
Day of Prior
Year to Last
Day of Year of
Unvested
Equity Awards
for Steven C.
Voorhees
($)
   
Vesting-Date
Fair Value of
Equity Awards
Granted
During Year
that Vested
During Year
for Steven C.
Voorhees
($)
   
Change in Fair
Value from Last
Day of Prior Year
to Vesting
Date of Unvested
Equity Awards
that Vested During
Year for Steven C.
Voorhees
($)
   
Fair Value at Last
Day of Prior Year
of Equity Awards
That Failed to
Meet Applicable
Vesting Conditions
During Year for
Steven C.
Voorhees
($)
   
Value of
Dividends or
Other Earnings
Paid on Equity
Awards Not
Otherwise
Included for
Steven C.
Voorhees
($)
   
Total -  
Inclusion of  
Equity Values  
for Steven C.  
Voorhees  
($)  
2021
     
 
472,542
     
 
5,827,230
     
 
143,563
     
 
1,643,636
     
 
-
     
 
-
     
 
8,086,971  
 
Fiscal
Year
   
Average
Year-End
Fair
Value of Equity
Awards Granted
During Year
That Remained
Unvested as of
Last Day of
Year for
Non-PEO
NEOs
($)
   
Average
Change in Fair
Value from Last
Day of Prior
Year to Last
Day of Year of
Unvested
Equity Awards
for
Non-PEO

NEOs
($)
   
Average
Vesting-Date
Fair Value of
Equity Awards
Granted
During Year
that Vested
During Year
for
Non-PEO

NEOs
($)
   
Average
Change in Fair
Value from Last
Day of Prior Year
to Vesting Date of
Unvested Equity
Awards
that Vested During
Year for
Non-PEO

NEOs
($)
   
Average Fair Value
at Last Day of
Prior Year of
Equity Awards
That Failed to
Meet Applicable
Vesting Conditions
During Year for
Non-PEO
NEOs
($)
   
Average Value
of Dividends or
Other Earnings
Paid on Equity
Awards Not
Otherwise
Included for
Non-PEO

NEOs
($)
   
Total -  
Average  
Inclusion of  
Equity Values  
for
Non-PEO  

NEOs  
($)  
2023
     
 
1,660,719
     
 
(153,397
)
     
 
-
     
 
111,204
     
 
-
     
 
-
     
 
1,618,526  
2022
     
 
2,015,596
     
 
(551,533
)
     
 
-
     
 
(13,343
)
     
 
(851,879
)
     
 
-
     
 
598,841  
2021
     
 
2,001,066
     
 
989,023
     
 
19,470
     
 
39,964
     
 
(203,889
)
     
 
-
     
 
2,845,634  
   
Compensation Actually Paid vs. Total Shareholder Return
Relationship Between PEO and
Non-PEO
NEO “Compensation Actually Paid” and Company TSR
The following chart sets forth the relationship between “Compensation Actually Paid” to our PEOs, the average of “Compensation Actually Paid” to our
Non-PEO
NEOs, and the Company’s cumulative TSR over the three most recently completed fiscal years. Our NEOs’ “Compensation Actually Paid” values are aligned with WestRock’s TSR. This is primarily because the value of our equity-based incentive compensation is tied directly to our stock price, as well as, with respect to PSUs, our financial performance.
 
 

 
    
Compensation Actually Paid vs. Net Income
Relationship Between PEO and
Non-PEO
NEO “Compensation Actually Paid” and Consolidated Net Income (Loss)
The following chart sets forth the relationship between “Compensation Actually Paid” to our PEOs, the average of “Compensation Actually Paid” to our
Non-PEO
NEOs, and our consolidated net income (loss) during the three most recently completed fiscal years. The consolidated net loss for fiscal 2023 is largely due to a $1.9 billion
pre-tax,
non-cash
goodwill impairment and $859 million of
pre
-tax
restructuring and other costs, $605 million of which were
non-cash.
“Compensation Actually Paid” decreased in fiscal 2022 and increased in fiscal 2023 largely due to the fact that a significant portion of our overall compensation mix is equity-based and heavily impacted by our stock price. Changes to Mr. Sewell’s “Compensation Actually Paid” are more pronounced as equity-based awards make up a larger portion of his total target compensation than they do for our
non-PEO
NEOs.
 
 
 
    
Compensation Actually Paid vs. Company Selected Measure
Relationship Between PEO and
Non-PEO
NEO “Compensation Actually Paid” and Consolidated Adjusted EBITDA
The following chart sets forth the relationship between “Compensation Actually Paid” to our PEOs, the average of “Compensation Actually Paid” to our
Non-PEO
NEOs, and Consolidated Adjusted EBITDA during the three most recently completed fiscal years. While we use numerous financial performance measures for the purpose of evaluating performance in our compensation programs, we determined Consolidated Adjusted EBITDA is the most important performance measure used to link “Compensation Actually Paid” for the most recently completed fiscal year to our performance, in accordance with Item 402(v) of Regulation S-K. As noted above, Consolidated Adjusted EBITDA is the largest factor in determining STIP payouts.
 
 
 
    
Total Shareholder Return Vs Peer Group
Relationship Between Company TSR and Peer Group TSR
The following chart compares our cumulative TSR over the three most recently completed fiscal years
to
that of the Dow Jones Containers & Packaging Index over the same period.
 
 
    
Tabular List, Table
The following table presents the financial performance measures that the Company considers the most important in linking “
Compensation
Actually Paid” to our PEO and other NEOs for fiscal 2023 to Company performance. The measures in this table are not ranked.
 
Most Important Financial Performance Measures
Consolidated Adjusted EBITDA (Company-Selected Measure)
Adjusted Revenue
Adjusted Free Cash Flow Per Share
Adjusted EPS
Adjusted ROIC
Relative TSR
    
Total Shareholder Return Amount $ 110.95 92.52 146.09
Peer Group Total Shareholder Return Amount 107.19 96.48 126.95
Net Income (Loss) $ (1,644,200,000) $ 949,200,000 $ 842,500,000
Company Selected Measure Amount 2,978,600,000 3,459,400,000 2,999,200,000
Measure:: 1      
Pay vs Performance Disclosure      
Name Consolidated Adjusted EBITDA (Company-Selected Measure)    
Measure:: 2      
Pay vs Performance Disclosure      
Name Adjusted Revenue    
Measure:: 3      
Pay vs Performance Disclosure      
Name Adjusted Free Cash Flow Per Share    
Measure:: 4      
Pay vs Performance Disclosure      
Name Adjusted EPS    
Measure:: 5      
Pay vs Performance Disclosure      
Name Adjusted ROIC    
Measure:: 6      
Pay vs Performance Disclosure      
Name Relative TSR    
David B. Sewell [Member]      
Pay vs Performance Disclosure      
PEO Total Compensation Amount $ 12,615,612 $ 11,576,270 $ 21,189,086
PEO Actually Paid Compensation Amount $ 11,092,519 4,542,649 20,952,302
PEO Name Mr. Sewell    
Steven C. Voorhees [Member]      
Pay vs Performance Disclosure      
PEO Total Compensation Amount     5,048,797
PEO Actually Paid Compensation Amount     12,631,581
PEO Name Steven C. Voorhees    
PEO | David B. Sewell [Member] | Exclusion of Stock Awards [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount $ (9,544,333) (7,591,297) (18,896,377)
PEO | David B. Sewell [Member] | Inclusion of Equity Values [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 8,021,240 557,676 18,659,593
PEO | David B. Sewell [Member] | Year End Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 10,072,009 6,601,086 18,659,593
PEO | David B. Sewell [Member] | Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount (1,918,071) (5,839,186)  
PEO | David B. Sewell [Member] | Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested During Year [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount (132,698) (204,224)  
PEO | Steven C. Voorhees [Member] | Exclusion of Stock Awards [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount     (504,187)
PEO | Steven C. Voorhees [Member] | Inclusion of Equity Values [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount     8,086,971
PEO | Steven C. Voorhees [Member] | Year End Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount     472,542
PEO | Steven C. Voorhees [Member] | Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount     5,827,230
PEO | Steven C. Voorhees [Member] | Vesting Date Fair Value of Equity Awards Granted During Year that Vested During Year [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount     143,563
PEO | Steven C. Voorhees [Member] | Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested During Year [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount     1,643,636
Non-PEO NEO      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 1,618,526 598,841 2,845,634
Non-PEO NEO | Exclusion of Stock Awards [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount (1,573,706) (3,281,678) (2,179,754)
Non-PEO NEO | Inclusion of Equity Values [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 1,618,526 598,841 2,845,634
Non-PEO NEO | Year End Fair Value of Equity Awards Granted During Year That Remained Unvested as of Last Day of Year [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount 1,660,719 2,015,596 2,001,066
Non-PEO NEO | Change in Fair Value from Last Day of Prior Year to Last Day of Year of Unvested Equity Awards [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount (153,397) (551,533) 989,023
Non-PEO NEO | Vesting Date Fair Value of Equity Awards Granted During Year that Vested During Year [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount     19,470
Non-PEO NEO | Change in Fair Value from Last Day of Prior Year to Vesting Date of Unvested Equity Awards that Vested During Year [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount $ 111,204 (13,343) 39,964
Non-PEO NEO | Fair Value at Last Day of Prior Year of Equity Awards That Failed to Meet Applicable Vesting Conditions During Year [Member]      
Pay vs Performance Disclosure      
Adjustment to Compensation, Amount   $ (851,879) $ (203,889)