Spectrum Brands Holdings, Inc., a global consumer products company offering a portfolio of leading brands, announced that Executive Chairman David M. Maura has been named chief executive officer, effective immediately. Maura succeeds Andreas Rouvé, who has stepped down as CEO and a director.
The company also announced that its board of directors has authorized a new three-year, $1 billion common stock repurchase program. The common stock repurchase authorization is effective immediately and replaces an existing three-year program, which had a remaining available authorization of $93 million. Purchases under the program may be made in the open market or in privately negotiated transactions from time to time at management’s discretion. The repurchase program may be suspended or discontinued at any time.
In addition, the company announced that it will organize globally around two divisions focused on consumer products and home improvement. Randal D. Lewis has been named to the position of president of a new Consumer Products group while Philip S. Szuba will continue to lead the Hardware & Home Improvement (HHI) division. The Consumer Products group will be comprised of the Pet Supplies, Home & Garden and Auto Care businesses while the Hardware & Home Improvement division will be comprised of the security, plumbing and builders’ hardware businesses. Lewis had been president, Pet, Home & Garden at Spectrum Brands. Both Lewis and Szuba will report directly to Maura. As part of this reorganization, Guy J. Andrysick, president, Global Auto Care, has left the company.
“We believe that our recent results do not reflect Spectrum Brands’ long-term potential,” Maura said. “The planned sale of our Global Batteries & Lighting and Small Appliances & Personal Care businesses will create a higher-growth, higher-margin and more focused portfolio, and our pending transaction with HRG Group will bring us independence, increased trading liquidity and significant tax attributes. The rest of our management team and I will focus on delivering on the many opportunities in our continuing businesses, including Hardware & Home Improvement, and a new, more efficient and focused Consumer Products group, which brings together three businesses sharing similar manufacturing and distribution capabilities under Randy’s leadership. We intend to drive growth and increased cash flow through improved operational execution, innovation and new product development as well as strategic investments in organic growth initiatives and value-enhancing bolt-on acquisitions.
“The board’s approval of a new $1 billion share repurchase program underscores our confidence in the business and long-term outlook,” Maura continued. “On behalf of the board, I thank Andreas for his contributions as CEO and in previous positions he has held since joining our Company as Chief Financial Officer of the European Battery division in 2002. We wish Andreas and Guy the best in their future endeavors.”
Maura, 45, has served as executive chairman of Spectrum Brands since January 2016. He joined Spectrum Brands’ board in June 2010 and served as interim chairman of the board before being named chairman in July 2011. He was a managing director and executive vice president of Investments at HRG from October 2011 until November 2016 and was a member of HRG’s board of directors from May 2011 through December 2017. Maura previously was vice president and director of Investments of Harbinger Capital from 2006 until 2012, where he was responsible for investments in the consumer products, agriculture and retail sectors. Maura has been chairman and CEO of Mosaic Acquisition Corp. since October 2017. He received a bachelor of science degree in business administration from Stetson University and is a CFA charterholder.
Lewis, 51, has led the Pet, Home & Garden Division of Spectrum Brands since November 2014. Previously, he was senior vice president and general manager of Home & Garden since January 2011, where he led the restructuring of the business. From 2005-2011, Lewis served as Home & Garden’s vice president, Manufacturing and vice president, Operations upon the acquisition of the business by Spectrum Brands. Lewis earned a bachelor of science degree in mechanical engineering from the University of Illinois, Urbana-Champaign in 1988.
Szuba, 50, has led the Hardware & Home Improvement (HHI) Division of Spectrum Brands since September 2015. Szuba previously served as senior vice president, Global Technology and Operations since January 2014. He joined HHI in May 2008 as vice president, Engineering. During the merger of Stanley and Black & Decker, Szuba was the integration team leader for HHI and was responsible for the functional integration as well as the Stanley & National Hardware business integration into HHI. Before joining HHI, Szuba was director and general manager of Avdel North America for Avdel Fastening Systems, a business unit of Acument Global Technologies, formerly Textron Fastening Systems. Szuba earned a bachelor of science degree and master’s degree in mechanical engineering and a Ph.D. in systems engineering from Oakland University. He holds 12 U.S. and numerous foreign patents and is a registered professional engineer.