Newell Brands - NWL STOCK NEWS

Newell Brands (NASDAQ: NWL) announced changes in its Board of Directors, effective May 16, 2023. Robert Steele will succeed Patrick Campbell as Chairman, who will remain a director. The Board is committed to diversity and renewal, with Stephanie Stahl already appointed in January 2023. The company will nominate Gary Hu for election, increasing the Board's size from 11 to 12 members. Hu is a Portfolio Manager at Icahn Capital LP. These steps align with Newell's strategy to enhance governance and value creation for stakeholders amidst a challenging environment.

Newell Brands (NWL) reported a substantial Q4 net sales decline of 18.5% to $2.3 billion, with core sales down 9.4%. The diluted loss per share was $0.60, affected by $326 million in impairment charges, while normalized EPS stood at $0.16. Full-year net sales for 2022 dropped 10.7% to $9.5 billion. The company anticipates a challenging 2023, projecting net sales between $8.4 billion and $8.6 billion and normalized EPS between $0.95 and $1.08. Initiatives like Project Phoenix aim to streamline operations and achieve annual savings of $220 million to $250 million.

Newell Brands (NASDAQ: NWL) has appointed Chris Peterson as the new President and Chief Executive Officer, following Ravi Saligram's retirement, effective May 16, 2023. Peterson, who has been with Newell since December 2018 and served as its President since May 2022, is recognized for his role in the company's turnaround, focusing on financial performance and operational excellence. His appointment follows a thorough succession planning process, as stated by Chairman Patrick Campbell. Saligram is credited with strengthening company culture and customer partnerships during his tenure. The company aims to explore profitable growth opportunities under Peterson's leadership.

Newell Brands Inc. (NASDAQ: NWL) has declared a quarterly cash dividend of $0.23 per share, payable on March 15, 2023. The dividend will be distributed to common stockholders recorded by the close of business on February 28, 2023.

Newell Brands is recognized for its extensive portfolio of popular consumer goods, including renowned brands such as Rubbermaid, Calphalon, Sharpie, and Yankee Candle. The company's focus is on enhancing consumer experiences both at home and outdoors.

Newell Brands (NASDAQ: NWL) announced the launch of Project Phoenix, a restructuring initiative aimed at simplifying operations and improving efficiencies. The company targets annualized pre-tax savings between $220 and $250 million by consolidating its operating segments from five to three and centralizing supply chain functions. The initiative involves an estimated $100 to $130 million in restructuring costs and aims to eliminate approximately 13% of office positions by the end of 2023. This project follows the earlier successful Project Ovid and seeks to mitigate macroeconomic pressures.

Newell Brands Inc. (NASDAQ: NWL) will release its fourth quarter and full year 2022 earnings results on February 10, 2023, prior to market open. A live webcast will follow at 8:30 A.M. ET. Investors can access the webcast through the Newell Brands website. The company's brand portfolio includes notable names such as Rubbermaid, Calphalon, and Yankee Candle, highlighting its position as a leading global consumer goods company.

Newell Brands (NASDAQ: NWL) has appointed Mark Erceg as Chief Financial Officer, effective January 9, 2023. He succeeds Chris Peterson, who will remain as President. Erceg brings 30 years of experience from roles at Cerner Corporation, Tiffany & Company, and others. He will oversee Finance and IT functions, enhancing business planning, accounting, and investor relations. Both Peterson and Ravi Saligram, CEO, express confidence in Erceg's capabilities to drive growth and operational efficiency at Newell Brands.

Newell Brands (NASDAQ: NWL) has announced the election of Stephanie Stahl to its Board of Directors, effective January 1, 2023. This appointment increases the board's size from ten to eleven members. Patrick Campbell, Chairman, expressed confidence in Stahl’s extensive marketing and sustainability experience to enhance the board's strategic execution. Stahl has served as a Senior Advisor at Boston Consulting Group and has experience with notable companies such as Coach, Inc. Her expertise is expected to drive sustainable growth and value creation for stakeholders.