Spectrum Brands (SPB) Affirms Resignation of Chairman Maura from HRG Group
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Spectrum Brands Holdings, Inc. (NYSE: SPB) said today it looks forward to a continuing and strong working relationship with its Executive Chairman David M. Maura following an 8-K announcement today by its majority shareholder HRG Group Inc. (NYSE: HRG) that Mr. Maura has resigned his employment with HRG Group effective November 29, 2016.
“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,” said Andreas Rouvé, Chief Executive Officer of Spectrum Brands Holdings. “David’s contributions to the steady, profitable growth and expansion of our Company over the past 7 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.”
“Today I am more committed than ever to driving additional shareholder value at Spectrum Brands,” said Mr. Maura. “We will continue to be effective and efficient allocators of capital and operators of businesses to drive increasing amounts of organic adjusted EBITDA and sustainable, long-term free cash flow as we have demonstrated with our annualized TSR of 28% since 2009 when I became involved with Spectrum Brands as its Chairman.” Mr. Maura joined the Spectrum Brands Board in 2009, became non-executive Chairman in 2011 and Executive Chairman earlier this year.
“Our brand equity across our portfolio of businesses has never been stronger, and our free cash flow reached a record level last year,” Mr. 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,” Mr. Maura said. “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.
“Similar to past years and as our leverage moves lower toward 3 times, I am optimistic that we also will start to accelerate our inorganic growth plans again,” Mr. Maura added. “Tuck-in acquisitions are preferred, but larger deals become more realistic as Spectrum Brands continues to rapidly delever. However, I want to emphasize that Spectrum Brands will only allocate capital if it is efficient, synergistic and accretive.
“As I am fond of saying, Spectrum Brands’ best days are still ahead, and I sincerely thank HRG Group for its steady and strong support of Spectrum Brands during my tenure there,” Mr. Maura said.
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