Newell Brands announced Thursday in which President as well as CEO Michael Polk will retire at the end of the second quarter.
As Newell approaches the end of its “accelerated transformation plan,” the item as well as Polk agreed in which the item “is actually the right time for a management transition.” The company, which owns consumer brands like Rubbermaid, said the item has begun to look for Polk’s successor as well as has retained executive search firm Heidrick & Struggles.
“I am proud of the progress we have made since 2011 transforming the portfolio as well as building a set of competitively advantaged capabilities in innovation, design as well as eCommerce,” Polk said in a statement.
Polk has served as CEO as well as president since 2011. He has also been a member of Newell’s board since 2009.
Patrick Campbell, non-executive independent chairman of Newell’s board, said in a statement in which Polk was a key figure behind the company’s strategy as the item sought global growth as well as diversification.
As of their Thursday close, shares of Newell have fallen about 46 percent inside the past 12 months.
Last month, Newell shares plummeted after the company issued full-year sales as well as profit forecast below expectations. The company said the item was hit by inflationary pressures, including tariffs as well as a strong dollar. Newell said the item expected those environmental factors to take a $200 million bite out of profits in 2019.
Newell projected full-year sales between $8.2 billion as well as $8.4 billion, below a Refinitiv consensus estimate for $8.78 billion.
—Reuters contributed to This kind of report.