Newell Brands Unveils 'Project Phoenix' Savings Initiative; Cuts 13% Of Office Positions & Consolidates Segments

Newell Brands Inc NWL has launched a restructuring and savings initiative, Project Phoenix, resulting in the elimination of approximately 13% of office positions.
The company will begin reducing headcount in 1Q23, with most of these actions completed by the end of 2023.
In connection with the restructuring, the company expects to realize annualized pre-tax savings of $220 million - $250 million when fully implemented.
The company estimates restructuring and related charges associated with these actions to be $100 million - $130 million, expected to be incurred by the end of 2023.
In addition, Newell Brands plans to implement a new operating model, consolidating its five operating segments into three operating segments.
The company has named Kris Malkoski as the Segment CEO for Learning & Development, Mike McDermott as the Segment CEO for Home & Commercial Solutions, and Jim Pisani as the Segment CEO for Outdoor & Recreation.
Dennis Senovich, Chief Supply Chain Officer, will lead the company's manufacturing, distribution, transportation and customer service functions globally.
The company will provide additional details in its Q4 earnings call on Feb. 10, 2023.
"Specifically, we are evolving our operating model into three operating segments based on similarities of consumer and customer dynamics, which will reduce duplication and yield synergies," said CEO Ravi Saligram.
Price Action: NWL shares are trading higher by 4.19% at $15.68 on the last check Monday.
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