Spectrum Brands on Friday announced that David R. Lumley, president/CEO, intends to retire from the company by the end of 2015 as part of a planned succession process.
According to the company, Spectrum Brands has instituted an active succession program, including commencement of a formal search for Lumley’s replacement that will consider both internal and external candidates.
“I believe the time is right for me to retire later this year to spend more time on our family business, in service on outside boards, and with my family as we complete our move to Colorado,” said Lumley, who has served as president/CEO since April 2010 after joining the company in January 2006. “Spectrum Brands has achieved five consecutive years of record performance, is planning for a sixth straight record year in 2015, and has a bright future with strategies and opportunities for further growth and value creation.”
Lumley, 60, will enter into a transition services employment agreement extending until the end of the company’s fiscal 2015 year on September 30 for his continued services as CEO and to ensure an orderly and smooth transition to his successor, the company said. Lumley will retire upon the hiring of a new CEO some time during 2015 but will remain a member of the company’s board of directors.
“Spectrum Brands simply would not be where it is today without Dave’s countless, lasting and invaluable contributions as CEO and his tireless and effective leadership,” said David Maura, chairman of the board of Spectrum Brands Holdings. “It has been a genuine privilege and pleasure to work so closely with Dave during these years of tremendous growth and accomplishment and in developing plans to deliver even greater shareholder value creation ahead.”