ATLANTA — Newell Rubbermaid, whose portfolio includes the hair accessories brand Goody, has announced that its president and CEO, Mark Ketchum, will retire later this year.
An executive recruiting firm has been retained to conduct an outside search for Ketchum's replacement and also to assist with the assessment of internal candidates, the company stated. To help ensure a smooth and transition, Ketchum plans to remain on the company¹s board through the spring of 2012.
Ketchum joined Newell Rubbermaid as a director in 2005 and became president and CEO later that year. "I am extremely proud of what we have accomplished over the past five years at Newell Rubbermaid. I love this company and the people I work with, making my decision to retire extremely difficult, but consistent with the commitments I made to my family when I joined the company," stated Ketchum. "As the result of a lot of hard work and effort by everyone in the organization, our portfolio, our gross margin structure and our business model has been significantly transformed. We managed through the most difficult economic times in decades and have emerged a leaner, stronger organization focused on the key elements [that] will drive our continuing improvement."
Added Michael Cowhig, chairman of the board, "Mark Ketchum's leadership, especially during the difficult economic times and through the many elements of our transformation initiatives, has positioned the company to compete effectively in the extremely dynamic markets in which we participate. Mark's relentless focus on understanding and serving the needs of our consumers, together with the creation of stronger strategic relationships with our retail and commercial partners have made Newell Rubbermaid the transformed company it is today — a new Newell Rubbermaid [that] remains poised for strong growth in the years to come."
"Although our board of directors and associates would have loved Mark to remain our CEO for several more years, we fully respect the commitment he made to his family, and appreciate the fact that he has chosen to retire at a time when the company has completed most of its transformation efforts and is positioned for continued success," Cowhig added.