ATLANTA–(BUSINESS WIRE)–Newell Brands Inc. (NASDAQ: NWL) today announced that Chris Peterson, Chief Financial Officer and President of Business Operations, has been named President and Chief Financial Officer, effective immediately. He will continue to lead all aspects of the company’s financial operations and oversee supply chain, procurement, IT, real estate and global business services. Chris will continue to report to the company’s Chairman and CEO, Ravi Saligram.

“I am very pleased to announce that Chris Peterson has been named President and Chief Financial Officer of Newell Brands and I congratulate him on this well-deserved recognition. Chris has been a great partner to the business unit CEOs and myself in the turnaround process as we create a new Newell that drives sustainable and profitable growth,” said Newell Brands CEO Ravi Saligram. Since joining Newell in 2018, Peterson has led efforts to reduce business complexity, including streamlining SKUs, consolidating multiple ERP systems, eliminating unnecessary applications and reducing legal entities. .

“Chris drives operational excellence with a clear focus on automation, productivity improvements and leading Project Ovid, Newell’s supply chain transformation. He has been instrumental in strengthening Newell’s balance sheet and significantly improving cash flow, reducing the cash conversion cycle from 115 days to 68 over the past three years. Under his leadership, our leverage ratio has steadily declined and S&P recently upgraded us to investment grade,” Saligram continued. “I also personally appreciate Chris’ steady hand and proactive execution in steering the organization through a difficult period of supply constraints and high inflation. I look forward to continuing to work closely with him on company-wide strategic initiatives to drive shareholder value. »

Prior to joining Newell Brands, Peterson held key leadership positions at Procter & Gamble, Ralph Lauren and Revlon Inc., where he was Chief Operating Officer, Operations and Chief Financial Officer. Peterson is currently a member of the board of directors of BJ’s Wholesale Club and chair of its audit committee. He began his professional career in investment banking at Smith Barney Harris Upham & Co, Inc. and holds a Bachelor of Science degree from Cornell University in Operations Research and Industrial Engineering.

About Newell Brands

Newell Brands (NASDAQ: NWL) is a leading global consumer goods company with a strong portfolio of well-known brands including Rubbermaid, FoodSaver, Calphalon, Sistema, Sharpie, Paper Mate, Dymo, EXPO, Elmer’s, Yankee Candle, Graco, NUK, Rubbermaid Commercial Products, Spontex, Coleman, Campingaz, Contigo, Oster, Sunbeam and Mr. Coffee. Newell Brands’ beloved, planet-friendly brands enhance and brighten consumers’ lives at home and away by creating moments of joy, building confidence and providing peace of mind.

This press release and additional information about Newell Brands are available on the company’s website, www.newellbrands.com.

Forward-looking statements

This press release contains forward-looking information based on management’s current beliefs and assumptions, including statements regarding the sustainability of profitable growth. Actual events may differ materially. Please see the cautionary statements set forth in the “Forward-Looking Statements” section and under the heading “Risk Factors” in Newell Brands’ Annual Report on Form 10-K for factors that could affect our business.

Non-GAAP Financial Measures

This release contains non-GAAP financial measures within the meaning of Regulation G promulgated by the United States Securities and Exchange Commission (the “SEC”) and includes a reconciliation of the non-GAAP financial measures to the most directly comparable calculated in accordance with GAAP. .

The Company uses certain non-GAAP financial measures that are included in this press release both to explain its results to shareholders and the investment community and in the internal evaluation and management of its business. The Company’s management believes that these non-GAAP financial measures and the information they provide are useful to investors because these measures (a) allow investors to view the Company’s performance and liquidity using the same tools that management uses to assess the company’s past performance, segments, future performance prospects and liquidity, and (b) determine certain elements of management incentive compensation.

“Leverage ratio” is a measure of liquidity calculated as the ratio of net debt (defined as total debt less cash and cash equivalents) to normalized EBITDA. Company management estimates that “normalized” EBITDA and “normalized” net income, which excludes restructuring and restructuring-related expenses and one-time and other events such as debt extinguishment costs , certain tax benefits and charges, impairment charges, pension settlement costs, disposal costs, costs related to the acquisition, integration and financing of acquired businesses, amortization of assets acquisition-related intangibles, inflationary adjustments, expenses related to certain product recalls and certain other items, are useful because they provide investors with meaningful perspective on the current underlying performance of major ongoing operations and liquidity of the society. “Normalized EBITDA” is a measure of continuous liquidity (which excludes non-cash items) and is calculated as pro forma normalized earnings before interest, tax, depreciation and amortization and stock-based compensation expense.

Although the Company believes that these non-GAAP financial measures are useful in evaluating the Company’s performance and liquidity, such information should be considered supplemental in nature and not a substitute for or superior to related financial information prepared in accordance with to GAAP. Additionally, these non-GAAP financial measures may differ from similar measures presented by other companies.