John Hayes, the chief executive of venerable jar maker Ball, has abandoned glass and plastic. Is he crazy—or just ahead of his time? by KristinStoller
Isn’t this a bit risky, to make a 100% bet on metal when most of the beverage container market is still held by either glass or plastic? Maybe, but so far this bet is paying off. Vertical Research Partners’ Chip Dillon expects Ball’s earnings to be up 13% this year to $876 million. Since Hayes took over in 2011, the stock market has doubled; Ball’s stock has tripled.
Four years later Hayes was jet skiing in western Pennsylvania when he caught a nearby boat’s wake and lost control. He ended up with a series of facial reconstructions and bone grafts, spending two months in Chicago recuperating. Who came to visit him? Not a single Lehman colleague. It was David Hoover, Ball’s chief financial officer, who drove four hours from Muncie, Indiana.
Hayes quit Lehman a few months later, and in 1999 Hoover offered Hayes a job in corporate planning at Ball’s new headquarters in Broomfield, Colorado. By 2006 Hayes was overseeing Ball’s European business. Five years later he was running the whole company. Aluminum wins on environmental grounds: Among beverage containers, the recycling rate in this country is 50% for aluminum, 42% for glass and 30% for plastic. “The whole sustainability agenda is only accelerating,” says Hayes. “I’d love to say it’s because of us. It’s not. We’re trying to take advantage of the current situation by helping our customers provide what the consumer wants.”
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