Sales: $780 million
Sales: $780 million for home fragrance products. Corporate sales: $8.6 billion.
Key Personnel: Michael B. Polk, president and chief executive officer; Ron Hardnock, senior vice president, finance, business planning and analysis; Laurel Hurd, segment president, learning and development; Rich Mathews, chief marketing officer; Nancy O’Donnell, senior vice president, investor relations and communications; Christopher Peterson, chief financial officer; Mike Rickheim, chief human resources officer; Russ Torres, group president; Bradford Turner, chief legal and administrative officer.
Major Products: Yankee Candle and Wood Wick home fragrances.
New Products: Bold candles, Square candles, Flameless Fragrances, Car and Small Space Fragrances.
Comments: Newell Brands is getting burned by its underperforming Yankee Candle business. In March, Newell brands announced that Michael Polk, the company’s president and chief executive officer since 2011, will retire at the end of the second quarter. The board has commenced a search process to identify the company’s next CEO.
“I have been privileged to lead Newell Brands for the past eight years. With the Accelerated Transformation Plan largely complete and the business beginning to turn, I believe now is the right time to transition to the next generation of leadership,” said Polk.
The company’s acelerated transformation plan, which was expanded in 2018, is designed to significantly increase shareholder value through both meaningful returns of capital to shareholders and strengthened operational and financial performance, while simultaneously deleveraging the balance sheet. Execution of the plan will result in a dramatic simplification of Newell’s operations. For example, in April, the company sold the United States Playing Card Company to Cartamundi Group.
In the first quarter of 2019, Newell Brands reported that net sales from continuing operations declined 5.5% to $1.7 billion. The home and outdoor living segment generated net sales of $627 million compared with $670 million in the prior year period, with the change primarily attributable to the impact of unfavorable foreign exchange, the exit of approximately 60 underperforming Yankee Candle retail stores and a sales decline from its Coleman brand, and declines in the remaining home fragrance retail stores.