Spectrum Brands' chief executive officer is retiring, eight months after the Atlanta consumer products maker completed a bankruptcy reorganization.
CEO Kent J. Hussey will be succeeded by David Lumley, 56, president of Spectrum's global batteries, personal care and home and garden businesses and also co-chief operating officer. The changes are effective immediately, the company said Thursday.
Hussey, 63, who joined Spectrum in 1996, remains chairman of the board unitl a deal to acquire marketer Russell Hobbs closes. Then he'll step down and a new chairman will be named.
“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," Hussey said in a statement.
The changes come amid a turbulent time at Spectrum, maker of Remington shavers, Cutter insect repellents and Rayovac batteries.
In December 2008 its shares were delisted from the New York Stock Exchange because share prices and market capitalization fell below minimum averages. The following February, the company sought Chapter 11 bankruptcy protection to reorganize debts of $2.6 billion.
The company exited bankruptcy protection in August of last year. In Spectrum's most recent earnings report, the company said it lost $60.2 million, or $2.01 per share, compared with $112.6 million, or $2.19 per share in the prior-year comparable quarter.
A Spectrum spokesman said Hussey wasn't forced out, but rather wanted to leave on a high point now that company's problems are largely behind it.
In February, Spectrum announced the deal with Russell Hobbs, a Florida-based marketer of branded household appliances under the George Foreman, Black & Decker, Toastmaster and Farberware brands.
Spectrum's shares, which had been trading over the counter, were relisted on the NYSE in March. Shares gained 1 cent Thursday to $29.62.
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