KOWLZAN MARK W 4: 7,371 shares of PKG ($1,662,529)

Our Take

→Kowlzan, who has served as CEO since 2005, is executing a modest portfolio rebalancing rather than signaling distress—the sale represents roughly 1% of his total holdings and follows the predictable cadence of his annual tax-loss harvesting and equity plan exercises. What's notable is the timing during a period of sustained containerboard margin compression, suggesting he's confident enough in PKG's structural position to hold through the current pricing cycle rather than panic-selling into weakness.