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.
It was a busy first quarter for Newell Brands as the company reported a decline in net sales while also announcing an acceleration in its transformation plan that includes the sale and possible sale of select divisions.
Billionaire investor Carl Icahn has acquired a stake in Newell Brands and could play a role in the current battle over the company’s leadership, according to several published reports.
Just weeks after the resignations of three board members— all former Jarden executives— Newell Brands has named two new members to its board of directors with a third to be voted on at a later date.
Second quarter net sales at Newell Brands were up mid-single digits as the company reported growth across its U.S businesses as well as double digit growth in global e-commerce sales.
Growth in international markets and e-commerce were key drivers for solid first quarter results at Newell Brands, company officials said.
Following a fourth quarter in which its core sales were up 2.5%, Newell Brands revised guidance for 2017 down slightly, citing the company’s business with struggling U.S. mall-based retailers.
Following a solid third quarter driven by strong sales in several categories including appliances and writing, Newell Brands raised the lower end of its 2016 full year guidance for core sales and normalized earnings per share.
Newell Brands is moving forward with plans to sell about 10% of its product portfolio across a host of segments that includes home environment products and its consumer storage container business.
The August 15 edition of HOMEWORLD BUSINESS® revealed the 11th Annual “Players,” people to watch in housewares during the next 12 months.
Joseph Arcuri, Newell Brands chief commercial officer, will leave the company on August 31, the company announced in an 8-K filing with the Securities and Exchange Commission.
Newell Brands reported solid sales gains in the second quarter driven by top line growth in several product segments including appliances, Yankee Candle and food and beverage, company officials said.
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