Executive chairman resigns from parent company HRG Group
MIDDLETON, Wis. — David Maura, executive chairman of Spectrum Brands Holdings Inc., has resigned from HRG Group Inc., which holds a majority stake in the company.
Spectrum Brands said Maura’s departure from HRG, a diversified holding company, took effect Nov. 29 and that the move will enable him to further concentrate on helping to develop Spectrum’s consumer products businesses.
“As David transitions out of HRG Group, we are very pleased that he will be able to even more fully direct his focus on growing shareholder value at Spectrum Brands,” Andreas Rouvé, chief executive officer of Spectrum Brands Holdings, said in a statement. “David’s contributions to the steady, profitable growth and expansion of our company over the past seven years have been many and significant, and our senior leadership team is excited about the ongoing partnership with David in the months and years ahead.”
Maura has served as executive chairman of Spectrum Brands since late January. He became as a Spectrum Brands director in June 2010 and was interim chairman before becoming the full-time chairman in July 2011. At HRG, Maura served as a director since May 2011 and as a managing director and executive vice president of investments of HRG Group from October 2011 to November 2016.
Spectrum Brands’ products span such categories as consumer batteries, residential locksets, residential builders’ hardware, faucets, shaving and grooming products, personal care products, small appliances, pet care, lawn and garden, home pest control, auto care and insect repellents.
“Our brand equity across our portfolio of businesses has never been stronger, and our free cash flow reached a record level last year,” Maura said. “I am expecting another record year in fiscal 2017 and am confident we can drive increasing value creation for our shareholders for many years to come.
“Capably led by CEO Andreas Rouvé, we have a seasoned senior management team that is executing well on our long-term strategic growth plan,” Maura stated. “While we have been laser-focused on integrating our Global Auto Care acquisition over the last 18 months, our company has been paying down record amounts of debt to strengthen our balance sheet and intends to do so again this year. The opportunity to accelerate our organic growth rate excites me. We have a lot of white space opportunities both here in North America and abroad.”
Spectrum’s roster of brands includes Rayovac, VARTA, Kwikset, Weiser, Baldwin, National Hardware, Pfister, Remington, George Foreman, Russell Hobbs, Black + Decker, Farberware, Tetra, Marineland, Nature’s Miracle, Dingo, 8-in-1, FURminator, IAMS, Eukanuba, Digest-eeze, Healthy-Hide, Littermaid, Spectracide, Cutter, Repel, Hot Shot, Black Flag, Armor All, STP and Liquid Fence, among others. The company’s products are sold by the world’s top 25 retailers and are available in more than a million stores in about 160 countries.