January 8, 2024
(press release)
–
Plan to Accelerate Where to Play / How to Win Strategy Choices and Reduce Overhead Cost Expect Annualized Pre-Tax Savings of
“In
As part of the organizational realignment, the company is making several organizational design changes, which entail: standing up a cross-functional brand management organization, realigning business unit finance to fully support the new global brand management model, further simplifying and standardizing regional go-to-market organizations, and centralizing domestic retail sales teams, the digital technology team, business-aligned accounting personnel, the Manufacturing Quality team, and the Human Resources functions into the appropriate center-led teams to drive standardization, efficiency and scale with a One Newell approach. The company will also further optimize Newell’s real estate footprint and pursue other cost reduction initiatives. These actions are expected to be substantially implemented by the end of 2024. Once organizational design changes are fully executed, the company expects to realize annualized pre-tax savings in the range of
The company will share additional information about organizational realignment in a Form 8-K filed today with the
About
This press release and additional information about
Caution Concerning Forward-Looking Statements Some of the statements in this press release, including, but not limited to, those statements relating to the expected benefits of and timing of completion of the organizational realignment; pre-tax savings from organizational realignment; the number of positions eliminated pursuant to the organizational realignment; the expected costs, charges and cash expenditures associated with the organizational realignment; unlocking operational efficiencies; returning the company to sustainable and profitable growth; and reshaping the organization for sustainable, long-term competitive advantage and value creation, are forward-looking statements within the meaning of the federal securities laws. These forward-looking statements are based on the company’s current plans, assumptions, beliefs, and expectations. Forward-looking statements are subject to the occurrence of many events outside of the company’s control. Actual results and the timing of events may differ materially from those expressed or implied in the forward-looking statements due to numerous factors that involve substantial known and unknown risks and uncertainties. These risks and uncertainties include, among other things, the risks and uncertainties included in the company’s reports on Forms 10-K, 10-Q and 8-K and in other filings the company makes with the
View source version on businesswire.com: https://www.businesswire.com/news/home/20240108720798/en/ Investors: Media: Source:
VP, Investor Relations
+1 (201) 610-6901
sofya.tsinis@newellco.com
Chief Communications Officer
+1 (470) 580-1086
beth.stellato@newellco.com
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