Sealed Air Corp. fired Chief Financial Officer Bill Stiehl in relation to a yearlong investigation of the company by the Securities and Exchange Commission, the company said.

Mr. Stiehl was named CFO of the Charlotte, N.C., company roughly a year ago, but had been at the company since 2013.

The decision to oust him comes after Sealed Air’s audit committee conducted an internal review that followed a new subpoena last month from the SEC, the company said.

Mr. Stiehl couldn’t be reached for comment.

The SEC’s latest subpoena related to the independence of Sealed Air’s audit firm as well as the process the company used to select the audit firm in 2015, the company said. Sealed Air switched auditors to Ernst & Young LLP in 2015, according to regulatory filings.

The packaging company, whose products include bubble wrap, disclosed the SEC probe last summer. At the time, Sealed Air said the SEC had requested information including its accounting for income taxes, financial reporting and disclosures.

On Thursday, a Sealed Air representative said the company is cooperating with the SEC investigation.

“Sealed Air takes controls and compliance seriously,” said company spokeswoman Pam Davis. She declined to comment further, citing the investigation.

Mr. Stiehl joined Sealed Air in 2013 as chief accounting officer and controller and was promoted to acting chief financial officer in 2017. He had been credited with being “instrumental in guiding the company’s efforts to improve operational performance,” according to his official biography on the company’s website, which has since been removed.

Sealed Air said James Sullivan will join the company as finance chief on June 24. Mr. Sullivan was most recently CFO of mining-equipment maker Joy Global Inc., where he worked with Sealed Air Chief Executive Ted Doheny. Joy Global was acquired by Japan’s Komatsu Ltd. in 2016.

The 58-year-old will serve an initial term through Dec. 31, 2020, and receive a base salary of $650,000 a year. Mr. Sullivan, who is also eligible for bonus pay, will receive a sign-on bonus of $500,000 and an initial award of restricted stock valued at $500,000, according to a securities filing.

Write to Maria Armental at maria.armental@wsj.com