New chief for Spectrum Brands
From now on, there will be two divisions for Spectrum Brands holdings, which run the gamut from George Foreman grills to Armor All to Rayovak and Kwikset. The company will organize globally around Hardware & Home Improvement and Consumer Products.
The move was announced simultaneously with the naming of a new CEO. David Maura takes over as chief immediately, succeeding Andreas Rouve, who stepped down as CEO and as a director.
Philip Szuba will continue to lead the Hardware & Home Improvement (HHI) division, which will security, plumbing and builders’ hardware businesses. Randal D. Lewis was named president of the new Consumer Products group, which will be comprised of pet supplies, home and garden, and auto care businesses.
Also last week, the company reported a disappointing second-quarter financial performance. Net sales of $766.1 million were aided by favorable exchange rates and increased 1.3%. Organic net sales decreased 3.7%.
Earlier this year, Spectrum announced a merger with its controlling shareholder HRG Group.
“We believe that our recent results do not reflect Spectrum Brands’ long-term potential,” said Maura. “The planned sale of our Global Batteries & Lighting and Small Appliances & Personal Care businesses will create a higher-growth, higher-margin and more focused portfolio, and our pending transaction with HRG Group will bring us independence, increased trading liquidity and significant tax attributes.”
The rest of our management team and I will focus on delivering on the many opportunities in our continuing businesses, including Hardware & Home Improvement, and a new, more efficient and focused Consumer Products group, which brings together three businesses sharing similar manufacturing and distribution capabilities under Randy’s leadership. We intend to drive growth and increased cash flow through improved operational execution, innovation and new product development as well as strategic investments in organic growth initiatives and value-enhancing bolt-on acquisitions.”
Maura, 45, has served as Executive Chairman of Spectrum Brands since January 2016. He joined Spectrum Brands’ Board in June 2010 and served as interim Chairman of the Board before being named Chairman in July 2011. He was a Managing Director and Executive Vice President of Investments at HRG from October 2011 until November 2016, and was a member of HRG’s Board of Directors from May 2011 through December 2017.
The company lists the following brands as part of the Spectrum family: Rayovac, VARTA, Kwikset, Weiser, Baldwin, National Hardware, Pfister, Remington, George Foreman, Black + Decker, Tetra, Marineland, GloFish, Nature’s Miracle, Dingo, 8-in-1, FURminator, IAMS and Eukanuba (Europe only), Healthy-Hide, Digest-eeze, DreamBone, SmartBones, Littermaid, Spectracide, Cutter, Repel, Hot Shot, Black Flag, Liquid Fence, Armor All, STP and A/C PRO.
The move was announced simultaneously with the naming of a new CEO. David Maura takes over as chief immediately, succeeding Andreas Rouve, who stepped down as CEO and as a director.
Philip Szuba will continue to lead the Hardware & Home Improvement (HHI) division, which will security, plumbing and builders’ hardware businesses. Randal D. Lewis was named president of the new Consumer Products group, which will be comprised of pet supplies, home and garden, and auto care businesses.
Also last week, the company reported a disappointing second-quarter financial performance. Net sales of $766.1 million were aided by favorable exchange rates and increased 1.3%. Organic net sales decreased 3.7%.
Earlier this year, Spectrum announced a merger with its controlling shareholder HRG Group.
“We believe that our recent results do not reflect Spectrum Brands’ long-term potential,” said Maura. “The planned sale of our Global Batteries & Lighting and Small Appliances & Personal Care businesses will create a higher-growth, higher-margin and more focused portfolio, and our pending transaction with HRG Group will bring us independence, increased trading liquidity and significant tax attributes.”
The rest of our management team and I will focus on delivering on the many opportunities in our continuing businesses, including Hardware & Home Improvement, and a new, more efficient and focused Consumer Products group, which brings together three businesses sharing similar manufacturing and distribution capabilities under Randy’s leadership. We intend to drive growth and increased cash flow through improved operational execution, innovation and new product development as well as strategic investments in organic growth initiatives and value-enhancing bolt-on acquisitions.”
Maura, 45, has served as Executive Chairman of Spectrum Brands since January 2016. He joined Spectrum Brands’ Board in June 2010 and served as interim Chairman of the Board before being named Chairman in July 2011. He was a Managing Director and Executive Vice President of Investments at HRG from October 2011 until November 2016, and was a member of HRG’s Board of Directors from May 2011 through December 2017.
The company lists the following brands as part of the Spectrum family: Rayovac, VARTA, Kwikset, Weiser, Baldwin, National Hardware, Pfister, Remington, George Foreman, Black + Decker, Tetra, Marineland, GloFish, Nature’s Miracle, Dingo, 8-in-1, FURminator, IAMS and Eukanuba (Europe only), Healthy-Hide, Digest-eeze, DreamBone, SmartBones, Littermaid, Spectracide, Cutter, Repel, Hot Shot, Black Flag, Liquid Fence, Armor All, STP and A/C PRO.