Crown Holdings Inc. Philadelphia, Penn., USA, reports that John W. Conway will retire from his position as CEO, after 40 years with the company, effective January 1, 2016. The company’s board of directors has elected Timothy J. Donahue, who has been with the company for 25 years, to assume the position of president and CEO, effective January 1, 2016.

Donahue currently serves as the company's president and COO, a position he has held since 2013. Prior to that, he served as EVP and CFO from 2008 to 2013, as SVP–Finance from 2000 to 2008, and as the company's VP–corporate controller from 1991 to 2000. Conway has agreed to remain on the board and will continue to serve as non-executive chairman of the board after his retirement. Additionally, the board has elected Donahue as a member of the board, effective immediately.

Conway said that "I am proud of what we have accomplished at Crown and I am confident that Crown is well positioned for the future. Tim is ideally suited to succeed me as CEO. He has an intimate understanding of the company and has gained valuable experience serving as both CFO and COO. We will continue to work closely together to ensure a smooth transition. I look forward to continuing my service on Crown's board as non-executive chairman."

Donahue said that "I am honored to have the opportunity to serve as Crown's CEO and excited to lead our efforts to build on the foundation John and the entire executive team have put in place. I look forward to working with our dedicated employees throughout the world to improve on our strengths, such as our broad and diversified product portfolio, global leadership positions, strong customer base, technological leadership, and commitment to sustainability."