Just days after Newell Brands reported another decline in quarterly revenue, the company’s board of directors may be looking to replace CEO Michael Polk.
According to a report in the Wall St. Journal, Newell’s board has discussed replacing Polk, who has held the top spot at the company since 2011, while also considering offering him new financial incentives.
In citing sources familiar with Newell Brands, the report noted that while replacing Polk is not imminent, board members are looking at possible CEO candidates.
Recently, Newell reported that quarterly net sales for the fourth quarter ended December 31 were $2.3 billion, down from sales of $2.5 billion in the fourth quarter of 2017. For the full year, company sales were down 9.6% to $8.8 billion.
Despite the drop in quarterly and full year sales, Polk said the results reflect what he said was “solid progress” in the company’s execution of its Accelerated Transformation Plan (ATP).
“We’ve planned 2019 to be another year of significant portfolio and organization transformation,” he said. “We intend to drive the ATP to completion in 2019 and despite the ongoing negative impact of retailer bankruptcies, foreign exchange, inflation and tariffs, we expect to stabilize and then reignite core sales growth, increase margins, and strengthen the operational and financial performance of the company.”