A day after Newell Brands announced a deal with billionaire investor Carl Icahn, activist hedge fund Starboard Value LP said its four nominees for Newell’s board of directors are withdrawing their nominations.
Two years after then-Newell Rubbermaid acquired Jarden Corp., three former Jarden executives are reportedly teaming with an activist hedge fund to replace Newell Brands’ CEO Michael Polk and its board of directors, the Wall St. Journal reported on Friday, February 9.
Newell Brands, the current owners of the Crock-Pot brand of slow cookers, is defending the safety of slow cookers after a character on the popular NBC show “This Is Us” was killed in a fire that was caused by a faulty switch in a slow cooker.
Newell Brands is exploring “strategic options” for several of its divisions that include Rubbermaid outdoor, closet and refuse and several other commercial product categories.
Rubbermaid, a division of Newell Brands, has extended its Brilliance food storage line into pantry storage.
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.