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Spectrum Brands said that CEO Kent Hussey plans to retire after the Spectrum merger with small appliance OEM Russell Hobbs and David Lumley will take the CEO position.
As part of the announcement, Spectrum Brands said it will transition its corporate headquarters from Atlanta, GA back to Madison, WI. No further details about the move were announced.
Hussey is credited with leading Spectrum's successful operational and financial restructuring and returning the company to profitability. He will continue as chairman after the closing of the previously announced merger with Russell Hobbs. The merger transaction is expected to take place in the summer of 2010.
Lumley was most recently serving as president, Global Batteries & Personal Care and Home & Garden as well as co-chief operating officer for Spectrum. The board has amended Spectrum bylaws to expand the board to eight members and named Lumley to fill the vacant seat.
"While it is difficult to leave such a tremendous company with a team of incredibly dedicated, hard-working and creative people, I am pleased with all that we have accomplished," Hussey said. "I'm confident that I'm leaving the company in good hands and at the right time as the company is moving into its next phase. Dave, who has extensive experience, is well positioned to lead the teams as the company expands into a $3 billion global consumer products company."
While maintaining managerial responsibility for the Global Batteries & Personal Care and Home & Garden business segments, Lumley will assume the role of CEO immediately.
Going forward the Executive Committee of the company will be comprised of Dave Lumley, CEO; Tony Genito, CFO; John Heil, President of Global Pet Supplies; and John Wilson, Senior Vice President, Secretary and General Counsel.
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