Newell Brands, the parent company of Coleman and Marmot, announced it is trimming its workforce and restructuring to hedge against the macroeconomic environment. CEO Ravi Saligram said the reorganizing is intended to “simplify and strengthen” the company.
“These actions are a continuation of the simplification agenda that we have driven over the last four years and in response to the difficult macro environment,” Saligram said in a prepared statement. “We expect to unlock significant savings from the restructuring initiatives, which should help partially offset the impact of macroeconomic pressures on the business while making us a more nimble and agile organization.”
The company said under its restructuring strategy, will result in laying off 13 percent of its office positions.
Additionally, Newel has consolidated its business units into what it’s calling a “segmented” structure. That organization will take Newell from seven business units to three. Former Timberland Global President Jim Pisani (pictured) will lead the Outdoor & Recreation segment as CEO.
Pisani previously served as a business unit CEO for Outdoor & Recreation, which oversees the Coleman, Marmot, Contigo, and Campingaz brands.
Newell expects its restructuring to result in pretax savings of between $220 million to $250 million.
Photo by Newell Brands
