Sealed Air Corporation, the North Carolina based packaging company behind Bubble Wrap, announced Wednesday the retirement of its long-time chief commercial officer, Karl Deily.

Deily, who served for over 40 years at the company, will step down on April 2 and assume an advisory role at the end of the year.

“I’d like to express my personal gratitude to the colleagues that I have worked with over the past four decades. I’ve had the opportunity to work with many passionate and creative people who are dedicated to the success of Sealed Air and continually adding value to our customers,” Deily said in a statement.

Effective Jan. 1, Sealed Air’s regional leaders will include Tobias Grasso, president of the Americas, Gerd Wichmann, president of EMEA, and Kevin Piccione, president of APAC. They will all report directly to CEO Ted Doheny.

“I’m confident that these leadership succession appointments will further accelerate our Reinvent SEE transformation to world-class performance, and lead Sealed Air into our vision of sustainability, automation and digital growth,” Doheny added.

Sealed Air shares fell 1.76 percent, or 72 cents, to last trade near $40.18 on Thursday.