Spectrum Brands has named a new CEO as Andreas Rouvé has stepped down as the company’s chief executive and director.
David Maura has been named company CEO, effective immediately. The company did not provide details as to what lead to the management change. Rouvé had been company CEO since April of 2015 and joined the company in 2002 as CFO of its European battery division.
Since January 2016, Maura has served as Spectrum’s executive chairman and joined the company’s board of directors in 2010.
On the same day the company announced its management change, Spectrum also reported second quarter results that included an organic net sales decrease of 3.7%. The company’s stock price was down more than 30% Thursday morning, April 26, following the news.
In addition, the company continues its effort to sell its personal care and small appliances business, a move the company announced in early January. Company officials said that while the timing of the sale of appliances is not known, they do expect to complete the process by the end of fiscal 2018.
Since announcing its intent to sell the personal care and appliances businesses, Spectrum has not revealed quarterly financial results for both product categories.