BENTON HARBOR,
Mich. , June 20,
2017 /PRNewswire/ -- Jeff M. Fettig, Whirlpool Corporation's Chairman
and CEO since 2004, will step down as CEO and continue in his role
as Chairman of the Board of Directors. The Whirlpool
Corporation Board of Directors has elected Marc Bitzer, the company's current President and
Chief Operating Officer, to succeed Fettig as CEO. These changes
will become effective October
1.
"On behalf of the Whirlpool Board of Directors, we are
very pleased to appoint Marc as our next CEO, the 8th CEO in our
106-year history," said Jeff M.
Fettig. "Marc has a deep understanding of our business
throughout the world and has personally led our operations and
delivered strong results during his 18-year tenure at
Whirlpool. As we prepare for the future, I am very confident
that Marc is uniquely qualified to lead our company in continued
success."
Fettig (age 60) will continue to serve as Chairman of the
Board. "My primary role is to support Whirlpool, Marc and our
leadership team in this planned CEO transition. I am
effectively stepping away from our day-to-day management after 36
years of service and the last 13 as CEO," said Fettig. "As a
company, we have achieved significant milestones during this time
through the great work of Whirlpool people throughout the
world. Going forward, I believe we have more opportunities
than ever before in our 106-year history. I know Marc, and
our Whirlpool leadership team, will continue to achieve great
things for our company in the years ahead.
"For me, the opportunity to lead Whirlpool during the past
two decades has been both an honor and a privilege. I am very
proud of the great people here and in their dedication to our
company, which has led to the success that we have all
achieved."
Bitzer (age 52) was named President and Chief Operating
Officer and elected to the Whirlpool Corporation Board of Directors
in October 2015. Prior to this assignment, he served as Vice
Chairman, which included overall leadership of Whirlpool North
America and Whirlpool Europe, Middle
East and Africa
(EMEA).
Bitzer joined Whirlpool Europe in 1999 as Vice President,
Bauknecht brand group. He became Senior Vice President of Marketing
Sales and Services for Whirlpool Europe in 2000 and was named
President of Whirlpool Europe in January 2006. Between 2009
and 2013, he went on to serve as President of Whirlpool North
America and President of the company's U.S. operations.
Before joining Whirlpool Europe, Bitzer worked for eight years at
the Boston Consulting Group in Munich and Toronto and was named Vice President of that
organization in 1999.
Bitzer earned both his MBA and doctorate degrees from the
St. Gallen Graduate School of Business, Economics and law in
Switzerland.
"I want to thank the Whirlpool Board of Directors and
especially Jeff Fettig for their
confidence in appointing me to this position," said Bitzer. "The
foundation of success built by Jeff and so many within this company
affords us an exciting future to exceed the needs and aspirations
of our customers, expand shareholder value and create a unique and
fast-paced workplace that people continually are proud to call
Whirlpool Corporation."
Fettig is credited with the successful growth of the
company both organically and through strategic acquisitions that
increased sales by 75 percent -- from $12
billion in 2003 to $21 billion
in 2016. The company's acquisition of Maytag Corporation in 2006
and of Indesit Co. SpA in 2014 added the prestigious brands of
Jenn-Air, Maytag, Amana and Indesit creating an industry-leading
portfolio that targets more than 90% of global consumers with seven
brands garnering more than $1 billion
in annual sales. Whirlpool's market value during Fettig's tenure
increased from $5 billion to more
than $14 billion, and the company's
annual dividend increased from $1.36
per share to $4.40 per
share.
Fettig joined Whirlpool in 1981 as an Operations
Associate. He held a number of managerial positions in operations,
sales, planning and product development before being promoted to
Vice President of Marketing for the KitchenAid appliance group in
July 1989. In October 1990, he
was named Vice President of Marketing for the Phillips Whirlpool
Appliance Group of Whirlpool Europe BV, the company's European
subsidiary. He was named Vice President of Group Marketing and
Sales for the company's North America Appliance group in October
1992. In 1994, he was named an Executive Vice President of
Whirlpool Corporation and President of Whirlpool Europe and
Asia.
Fettig served as President and Chief Operating Officer and
was first elected to the Whirlpool Board of Directors in June
1999. He became Whirlpool Corporation's Chairman and Chief
Executive Officer in July
2004.
A native of Tipton,
Indiana, Fettig holds a Bachelor's degree in finance and an
MBA from Indiana
University.
Fettig serves as the lead director of the Dow Chemical
Board of Directors and is a member of the Board of Directors for
the Kohler Company. He serves on the Board of Directors of
the Indiana University Foundation and
on the Board of Governors for Boys and Girls Clubs of
America. He also is a member of the Business Leaders for
Michigan and the Business
Roundtable.
Jeff Fettig bio:
http://whirlpoolcorp.com/project/jeff-m-fettig/
Marc Bitzer bio:
http://www.whirlpoolcorp.com/project/marc-bitzer/
About Whirlpool Corporation
Whirlpool Corporation (NYSE: WHR) is the number one major
appliance manufacturer in the world, with approximately
$21 billion in annual sales, 93,000
employees and 70 manufacturing and technology research centers in
2016. The company markets Whirlpool, KitchenAid, Maytag, Consul,
Brastemp, Amana, Bauknecht, Jenn-Air, Indesit and other major brand
names in nearly every country throughout the world. Additional
information about the company can be found at
WhirlpoolCorp.com, or find us on Twitter at
@WhirlpoolCorp.
Whirlpool Corp. Additional Information
This release contains certain statements that may be
deemed "forward-looking statements" within the meaning of the
federal securities laws. All statements that address developments
that we or our management believes will or may occur in the future,
including statements regarding financial performance, are
forward-looking statements. Such statements are based upon certain
assumptions and assessments made by our management and are not
guarantees of future performance, and actual results, developments
and business decisions may differ from those envisaged by such
forward-looking statements. The forward-looking statements included
in this release are also subject to a number of material risks and
uncertainties, including strategic, operational, financial, and
legal and compliance risks. We identify the principal risks and
uncertainties that affect our performance in our Form 10-K and
other filings with the Securities and Exchange
Commission.
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SOURCE Whirlpool Corporation