NEWELL BRANDS INC. announced a restructuring with charges of approximately $100 million to $130 million affecting the Company's operating segments, real estate portfolio, supply chain, and go-to-market model (elimination of approximately 13% of the Company’s current office positions).
“The Plan is expected to result in the elimination of approximately 13% of the Company’s current office positions. The Company expects to realize annual pre-tax cost savings of $220 to $250 million, including headcount savings, real estate savings and other bought cost reductions, in connection with the Plan when it is fully implemented. The Company will begin reducing headcount in the first quarter 2023, with most of these actions expected to be completed by the end of 2023. Decisions regarding the elimination of positions as well as the timing of separations are subject to local law and consultation requirements in certain countries, as well as the Company’s business needs. The Company estimates that it will incur approximately $100 million to $130 million in restructuring and restructuring-related charges in connection with the Plan, substantially all of which are expected to be incurred by the end of fiscal 2023.”
Christopher H. Peterson changed role as President at NEWELL BRANDS INC..
“As of the Effective Date, Christopher H. Peterson, will serve as President of the Company.”
Mark J. Erceg was appointed as Chief Financial Officer at NEWELL BRANDS INC..
“appointed Mark J. Erceg as Chief Financial Officer of the Company, effective January 9, 2023.”
Stephanie Stahl was elected as Director at NEWELL BRANDS INC..
“On November 29, 2022, the Board of Directors (the “Board”) of Newell Brands Inc. (the “Company”) voted to increase the size of the Board from ten members to eleven and to elect Stephanie Stahl to the Board of Directors, effective January 1, 2023.”
Earnings Releases
NEWELL BRANDS INC. reported third quarter 2022 results: revenue $2.3 billion, net income $31 million, EPS $0.07. Guidance reaffirmed.
“with the macro backdrop, reducing inventory and strengthening cash flow, while continuing to invest in core capabilities." Third Quarter 2022 Executive Summary – Net sales were $2.3 billion, a 19.2 percent decline compared with the prior year period, including the year over year impact from the sale of the Connected Home & Security (CH&S) business at the end of the”
Christopher H. Peterson was appointed as President and Chief Financial Officer at NEWELL BRANDS INC..
“On May 5, 2022, Newell Brands Inc. (the “Company”) announced that Christopher H. Peterson, the Company’s current Chief Financial Officer and President, Business Operations has been appointed President of the Company.”
Laurel M. Hurd departed as Segment President, Learning & Development at NEWELL BRANDS INC..
“Laurel M. Hurd, Segment President, Learning & Development has informed Newell Brands Inc. (the “Company”) of her decision to leave the Company effective March 31, 2022 in order to pursue a new career opportunity as President and Chief Executive Officer of Interface, Inc.”
Facts are extracted by an LLM and gated to those whose source quote is present verbatim in the filing text. Coverage is best-effort while backfill and monitoring mature; this is not yet a full-market index. See methodology.