Newell Brands promoted current company President Chris Peterson as president and CEO, effective upon the conclusion of its 2023 Annual Meeting of Stockholders on May 16. The Board will also nominate Peterson for election to the Board of Directors at the company’s 2023 Annual Meeting. Ravi Saligram will retire as CEO and member of the Board of Directors, effective May 16.
“Following a robust, deliberate and thoughtful succession planning process, we are pleased to announce Chris Peterson as Newell Brands’ next CEO,” said Patrick Campbell, chairman of the Board. “Chris is a proven leader who has played an integral role in Newell’s turnaround over the past four years by strengthening Newell’s financial performance, building operational excellence and a culture of productivity, reducing complexity, and transforming the company’s supply chain capabilities. Chris has an impressive track record of success, and the Board is confident he is the ideal person to effectively lead the company through its next chapter.”
“On behalf of the Board, we thank Ravi Saligram for his leadership and recognize the meaningful impact he has had on the organization during his tenure; the company is much stronger as a result of his leadership,” Campbell continued. “Among Ravi’s numerous achievements, he has created a One Newell culture, led the company’s turnaround with a people-first mindset amidst the challenges of the pandemic, assembled a terrific leadership team, implemented a new innovation operating model, significantly strengthened customer partnerships, and dramatically improved engagement scores. We are grateful for Ravi’s dedication and significant contributions to Newell Brands and wish him well in his retirement.”
“It has been a distinct honor leading Newell Brands over the last several years, and I am inspired by our talented employees who are passionate, resilient and courageous,” said Saligram. “I am very proud of our strong, world-class executive leadership team who have made significant progress in strengthening the company by reducing complexity, laying the foundation to rejuvenate our key brands while launching innovations that capitalized on pandemic trends, building eCommerce as a competitive advantage and galvanizing our employees to be a force for good. I am confident that they are committed to making Project Phoenix and our new Segment based operating model a major success.”
Saligram continued, “I want to congratulate Chris Peterson on his well-deserved elevation to the new CEO of Newell. He has been a true partner to me in the turnaround, and I believe he is the right person with the right skill set and right temperament to take Newell to the next level. Despite the macro headwinds the company faces, I am optimistic about the future of Newell Brands and feel our best days are ahead.”
“I am honored that I will serve as Newell’s CEO, as we continue to strengthen the company and unlock its full potential,” said Peterson. “Despite the challenging market environment, we have a significant opportunity to drive profitable growth by building our core brands and taking further decisive actions to operate more effectively and efficiently. Newell’s strongest competitive advantage is our team of dedicated employees, who are committed to advancing our business. I would like to thank Ravi for his leadership and partnership over the past several years. I look forward to working with the Board and our leadership team to drive shareholder value creation through diligent and thoughtful execution of our strategic agenda.”
Peterson joined Newell Brands in December 2018 and has been a member of the company’s leadership team since then. He served as the company’s chief financial officer from December 2018 through January 2022 and as president since May 2022. He also served as president of business operations between February 2020 and May 2022 and as an interim chief executive officer from June 28, 2019 until October 2, 2019. Before Newell Brands, Peterson held senior executive roles at Revlon Inc., Ralph Lauren and Procter & Gamble.
Effective immediately, all Segment CEOs and commercial functional leaders, except for Chief Legal & Administrative Officer Brad Turner and Chief Human Resources Officer Steve Parsons, will report to Peterson. Upon Saligram’s retirement, Turner and Parsons will also report to Peterson.
