Spectrum Brands Holdings, Inc. (NYSE: SPB), a global consumer products company with market-leading brands, announced today that Terry L. Polistina, President of its Global Appliances division, has elected to leave the Company, effective September 30, 2013, following the successful completion of the multi-year restructuring and integration of the Global Appliances business and the implementation of a succession plan. Mr. Polistina will continue to serve as a member of the Board of Directors of Spectrum Brands.
Steve Fraundorfer, who has more than 20 years of manufacturing and operations experience at Spectrum Brands, has been appointed Vice President and General Manager for Global Appliances, which includes responsibility for North American Appliances sales and marketing in addition to his current responsibilities for Global Appliances business operations. Mr. Fraundorfer will report to Dave Lumley, Chief Executive Officer of Spectrum Brands Holdings. Andreas Rouvé, President, International, maintains his responsibility for all international Appliances operations and continues to report to Mr. Lumley. The Global Appliances management structure was instituted earlier this year in preparation for Mr. Polistina’s planned departure from the Company.
“Terry has made valuable and significant contributions to our global continuous improvement, supply chain and new product development processes, and to our Company’s overall growth and strategic development,” said Mr. Lumley. “Under his leadership, we exceeded our initial cost synergy estimates from the acquisition of Russell Hobbs and the subsequent integration of our Home and Remington® Personal Care divisions. Our Global Appliances division has been streamlined, is achieving record annual cost savings this year, and is currently introducing a record number of new products across the world. We thank Terry for his leadership and wish him well. We are grateful he remains a director of the Company.”
David Maura, Chairman of Spectrum Brands, said, “Terry has provided outstanding leadership and service to Spectrum Brands over the past three years, most notably through the many significant operating improvements to our Global Appliances business. Terry has been a business partner and friend of mine for a number of years, and I am very pleased that he will continue to serve on our Board. We all join in wishing Terry the very best in his future business activities.”
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