Appliance maker Whirlpool Corporation announced that effective Jan. 1, 2006, David L. Swift (pictured), executive vice president of Whirlpool North America, was promoted to the position of president of Whirlpool North America and named a member of Whirlpool's board of directors.
Additionally, Michael A. Todman, executive vice president of Whirlpool Corporation, and president of Whirlpool Europe, was promoted to the position of president of Whirlpool International and also named a member of Whirlpool's board of directors.
"These important leadership moves reflect the strong growth, size, scope and increasing integration of our global business," said Jeff Fettig, Whirlpool chairman, president and CEO. "This realignment of our leadership structure will accelerate execution of our global strategy and further extend the benefits we gain from our global operations, while also facilitating the business transition and integration of our planned acquisition of Maytag Corporation."
Swift will be accountable for Whirlpool's North American businesses, as well as for the integration of Maytag operations after the planned acquisition is complete. Todman will be accountable for Whirlpool's international businesses in Europe, Latin America and Asia.
The company also announced that W. Timothy Yaggi, senior vice president and general manager, Brand Portfolio Group for North America, was promoted to executive vice president, Market Operations for North America, and Marc Bitzer, senior vice president of marketing and sales for Whirlpool Europe, was promoted to executive vice president of Whirlpool Corporation, and president of Whirlpool Europe. Yaggi will report to Swift, and Bitzer will report to Todman. Both will join Whirlpool's executive management committee.
In other news, Whirlpool has been named to the 2006 Dow Jones Sustainability World Index (DJSI), an international stock portfolio that evaluates corporate performance using economic, environmental and social criteria.
Whirlpool said it led the durable household goods category of the DJSI and only the top 10 percent of the 2,500 largest companies are selected as components of the DJSI World Index based on their sustainability performance. This year's DJSI includes more than 300 companies representing nearly 25 countries.
Whirlpool received high marks in such categories as customer relationship management, risk and crisis management, brand management, codes of conduct, talent attraction and development, and corporate citizenship/philanthropy.
The DJSI provides asset managers with reliable and objective benchmarks to manage their sustainability-focused portfolios. Its results will influence the investment decisions of asset managers in 14 countries for a variety of sustainability-driven portfolios -- including mutual funds, segregated accounts, structured products, as well as an exchange traded fund that is listed on Euronext.
Companies are selected for the DJSI based on a thorough assessment of general and industry-specific sustainability criteria including corporate governance, environmental performance, labor practices, and community development. The analyses are verified by an external auditor.
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