Graphic Packaging Holding Company (NYSE: GPK) announced that its board of directors elected Larry M. Venturelli as chairman of the board, effective immediately following the company's annual meeting of stockholders.

Venturelli succeeds Philip R. Martens, who is retiring from the board after serving as a director since November 2013 and as chairman since May 2016.

"On behalf of the Company and the entire Board, I want to thank Phil for his commitment and leadership during one of the most impactful periods in Graphic Packaging's history," said Robbert Rietbroek, president and chief executive officer.

Martens brought global manufacturing and executive leadership experience to the board, including from his prior service as president and chief executive officer of Novelis Inc.

"It has been a privilege to serve Graphic Packaging through a period of significant growth and progress," Martens said. "I am proud of what the Company has accomplished and confident in its future under Robbert's leadership and with Larry as Chairman."

Venturelli has served on Graphic Packaging's board since 2016 and has been a member of its nominating and corporate governance, audit, and compensation and management development committees. He previously served as executive vice president and chief financial officer at Whirlpool Corporation and held various executive roles at Whirlpool prior to his retirement.

"It is an honor and privilege to be appointed Chairman of the Graphic Packaging Board," Venturelli said. "I look forward to working closely with my fellow Board members, Robbert and the executive team as we build on the Company's strong foundation and advance its leadership in consumer packaging."

The information is based on a company press release statement.