The terms of the agreement extend O-I´s relationship with Stroucken through June 30, 2016.
"Under Al´s leadership, O-I is transforming into a more innovative, market-driven and financially stronger company," said Corbin McNeill, lead director and chair of the nominating/corporate governance committee of O-I´s Board of Directors. "He is the right person to continue leading change at O-I. There is still much to be done, and we are confident that Al and his leadership team can successfully execute on the strategies they have set for the company."
Stroucken was appointed CEO and Chairman in 2007, and has served as a member of O-I´s board of directors since 2005.