Jarden Corporation reported that James E. Lillie was named chief executive officer, effective immediately. Martin E. Franklin, formerly chairman and chief executive officer of Jarden Corporation, will serve as executive chairman, overseeing corporate strategy, including growth initiatives, corporate culture and philosophy.
As CEO, Lillie will be responsible for managing the day-to-day operations of the business and will continue to work with Franklin and Ian Ashken, Jarden’s vice chairman and chief financial officer, to focus on driving consistent, profitable growth across all of Jarden’s business segments. In addition, Lillie will be joining the board of directors. All three executives will continue to operate under what has been known within the company as the office of the chairman.
“I want to congratulate Jim on his well-deserved promotion, and I look forward to continuing our long term relationship and working with him in this new capacity,” said Franklin. “This change is part of the natural evolution of Jarden. Jim has been an integral part of Jarden’s executive management team since joining the company in 2003 and I am confident that he is the right choice to drive the day-to-day operations of Jarden going forward. At this time, I will assume the role of executive chairman, where I will continue to set the strategic and philosophical direction of the company and closely collaborate with Jim and Ian to drive Jarden’s continued growth as a global consumer products leader. I will continue to be as committed to the company’s success as ever in the future.”
Lillie commented, “I am honored to assume the role of CEO of Jarden and thank Martin, Ian and the board for their continued confidence in me and for their support of Jarden as we continue our focus on delivering consistent long-term top line growth, margin expansion, improved profitability and balance sheet improvement. I look forward to continuing to collaborate with Martin, Ian, and the entire Jarden team as we work to drive results for our shareholders and customers. I am excited about the future for the Company and our employees and believe that there is great opportunity to further build on the foundation that we have established for Jarden over the past 10 years.”
The company announced in January 2011, its plan to split the chairman and chief executive officer roles and promote Lillie, who joined the company in 2003 as chief operating officer and who became president and COO in 2004. Previously, Lillie served as executive vice president of operations at Moore Corporation, Limited, a diversified commercial printing and business communications company, and as executive vice president of operations at Walter Industries, Inc., a Kohlberg, Kravis, Roberts & Company portfolio company. Prior to that, Lillie held a succession of senior level management positions across a variety of disciplines including human resources, manufacturing, finance and operations at World Color, Inc., another KKR portfolio company.
