Newell Brands Inc (NYSE:NWL) has proceeded to make the announcement regarding the new board changes it s making. The company has been stumbling upon a series of challenges recently and it wants to move past them to develop an edge above rivals. Three officials are expected to give their resignation letters and these are Board members Martin E. Franklin, G.H. Ashken and Domenico De Sole.
In delivering his speech, the Chairman Michael T. Cowhig spoke on behalf of the entire board thanking Domenico De Sole for the major key role he had played in pushing the company forward. He described the official as a hardworking person who always put the interests of the company first. He revealed that he was the one that had showed him the essence of embracing teamwork and its impact towards boosting the outcome for any given company around the globe. He asserted that he saw the acquisition of Jarden Corporation as a progressive step on their part as a company.
It was 11 years of progressive efforts targeted at ensuring that the company developed an edge over rivals. He wasn’t working alone and the top executive also saw the need to thank both G.H. Ashken and Martin E. Franklin for what he termed their concerted efforts towards ensuring that the company remained vibrant despite encountering as series of challenges along the way.
The top company executive said that a time had come for the Board to evolve. It was only by going that route that the company would be able to explore the benefits that came will tapping on new talent and the embracing of diversity. He said that he saw light at the end of the tunnel despite the undesirable changes in its stock in the current times.
He opined, “Another factor that is likely affecting Newell Brands Inc stock today are details from a new restructuring plans. This includes the company reducing its global factory and warehouse footprint by 50%, reducing its customers base by 50%and the consolidation of 80% of global sales on two ERP platforms.”