After 13 years, Whirlpool Corp. (WHR) - Get Report CEO Jeff Fettig will step down as the company's leader effective October 1, although he will stay on as the chairman of the company's board of directors.
Marc Bitzer, the company's president and chief operating officer, will succeed Fettig as the company's head after he steps down.
"On behalf of the Whirlpool Board of Directors, we are very pleased to appoint Marc as our next CEO, the 8th CEO in our 106-year history," Fettig said in a statement. "Marc has a deep understanding of our business throughout the world and has personally led our operations and delivered strong results during his 18-year tenure at Whirlpool.
Whirlpool shares were flat at $194.56 in premarket trading.
What's Hot On TheStreet
Alibaba's Jack Ma woos Detroit: TheStreet has spent the past two days in Detroit covering Alibaba's (BABA) - Get Reportbig hiring event in Detroit. We have had the opportunity to talk with Alibaba and take in how the Chinese tech company plans to grow jobs in America. But the real showstoppers have been the presentations with Alibaba's executive chairman Jack Ma, who as always hasn't been short on bold proclamations.
Said Ma in a keynote address Tuesday evening, "If you don't sell products in China, you will miss the future." Ma and other Alibaba executives have also sought to downplay the comparison to Amazon (AMZN) - Get Report. After spending a few days in Alibaba land, you understand where they are coming from. But, you are also reminded of how dominant Amazon is in the United States in so many categories (one soon to be organic food via Whole Foods (WFM) ).
Tesla mania continues: Tesla's (TSLA) - Get Reportmarket cap is $60 billion and growing. At this point, Wall Street's obsession with all things Tesla has gotten out of control. Thestreet's Annie Palmer drills down into news Tesla could be opening a car-making plant in China. The last thing President Trump needs is a fight with Elon Musk on this one, Palmer reports.
Uber's embattled founder resigns: Uber Technologies Inc. founder and CEO Travis Kalanick has resigned from the ride-sharing company, TheStreet reports. The move comes just days after he was asked to take a leave of absence in the wake of a report into allegations of discrimination and bullying at the world's startup.
"I love Uber more than anything in the world and at this difficult moment in my personal life I have accepted the investors request to step aside so that Uber can go back to building rather than be distracted with another fight," Kalanick said in a statement given to the New York Times, which originally reported his departure.
Here is what Uber co-founder Garret Camp had to say this week about Uber's culture.
Check out TheStreet's new series: TheStreet has officially launched a new video series called Alpha Rising, where we will showcase all of the amazing women in business. TheStreet's Tracy Byrnes sits down with some of the top women kicking butt in business such as Birchbox' CEO Katia Beauchamp, who revolutionized the beauty business.
Worried about how to pay for your golden years? Ken Fisher, founder of Fisher Investments, and TheStreet's Jim Cramer will tell you what you need to know in a June 21 webinar on the market trends that are shaping retirement planning today. Register here for the event, which starts at 11 a.m. ET.
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