Spectrum Brands division president resigns

Spectrum Brands said Friday that Amy J. Yoder, who served as president of its United Industries and Home & Garden business units, has resigned.

David Lumley, president of the company’s Global Battery & Personal Care Business division, will oversee day-to-day operations of the Home & Garden unit.

The resignation took effect Wednesday. Under the terms of her departure, Yoder — who came to Spectrum in April 2007 as an executive vice president of the Home and Garden division and was named United Industries president in October of that year — will receive $975,000. The figure comprises $500,000 in salary, $250,000 in bonuses and $225,000 in unused vacation.

She earned $1.1 million last year in total compensation, making her the 114th best paid executive among Georgia’s top 25 publicly traded firms.

The announcement, made in a regulatory filing, comes nearly three months after the Atlanta maker of maker of Remington shavers, Rayovac batteries and Tetra aquarium fish products failed to get approval from its senior lenders to sell the pets business, even though it had a buyer.

The now-killed deal with Salton Inc. and its subsidiary, Applica Pet Products LLC, would have given Spectrum $692.5 million in cash for the pets business. Salton also would have assumed $222.5 million in debt.

Spectrum, which lost $283.9 million, or $5.58 per share, in its fiscal third quarter is weighted down by $2.63 billion in debt.

Proceeds from the sale would have gone to pay down debt.

Meanwhile, investors have seen the company go from a market value of $1.19 billion in 2005 to $76.5 million based on Friday’s closing share price.

Its shares, which rose nearly 21 percent Friday to close at $1.45 apiece, have plunged more than 75 percent in the last 12 months.