Packaging materials, systems and equipment maker Sealed Air said that its chief executive officer William V. Hickey will retire in March 2013.

Hickey will continue to serve as CEO of the company but will relinquish the title of president.

Meanwhile, the company's board elected Jerome A. Peribere as its president and COO of Sealed Air and appointed him as a director of with effect from 1 September 2012.

Peribere will report to Hickey, and in March 2013 after Hickey's retirement, he will assume the position of CEO.