Spectrum Brands Holdings, Inc. Enters into Separation Agreements with Executives
August 30, 2022 at 06:01 am EDT
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Spectrum Brands Holdings, Inc. entered into separation agreements with Randal D. Lewis, Executive Vice President and Chief Operating Officer, and Rebeckah Long, Senior Vice President and Chief Human Resources Officer. In connection with the Company terminating Mr. Lewis' employment without cause" in accordance with Mr. Lewis' existing Employment Agreement, dated September 9, 2019 (the Lewis Employment Agreement"). Mr. Lewis will continue as a full-time employee of the Company until December 31, 2022 (the Designated Date") and thereafter, at the Company's sole election, Mr. Lewis may continue as a part-time employee for up to nine months (the later of such date and the Designated Date, the Lewis End Date"). During such time, Mr. Lewis will assist the Company with: (i) setting and executing the strategy of operation of the Company's business units,
including pricing strategies, inventory management, supply chain management and tariff mitigation, (ii) strategic projects and initiatives as identified by the Company, (iii) setting the Fiscal 2023 annual operating budget, and (iv) ensuring timely transition of his duties. Mr. Lewis will be paid $50,000 per month as a part-time employee and for such part-time service will receive no other compensation other than ordinary course benefits. This service may be terminated by the Company for any reason with 30 days' notice. On August 30, 2022, the Company entered into a Separation Agreement with Ms. Long (the Long Agreement") in connection with the Company terminating Ms. Long's employment without cause" in accordance with Ms. Long's existing Severance Agreement, dated September 9, 2019 (Long Severance Agreement"). Ms. Long will continue as a full-time employee of the Company until December 31, 2022 (the Long End Date") and will assist the Company with: (i) setting and executing the strategy of operation of the Company's Human Resources function, (ii) strategic projects and initiatives as identified by the Company, (iii) setting the Fiscal 2023 annual Human Resources operating budget and (iv) ensuring timely transition of her duties.
Spectrum Brands Holdings, Inc. is a diversified global branded consumer products and home essentials company. The Company is a supplier of specialty pet supplies, lawn and garden and home pest control products, personal insect repellents, shaving and grooming products, personal care products, and small household appliances. Its segments include Home and Personal Care (HPC), Global Pet Care (GPC), and Home and Garden (H&G). The HPC segment consists of its global small kitchen and personal care appliance businesses. The GPC segment consists of its global pet care business. The H&G segment consists of home and garden, insect control, and cleaning products businesses. It offers a portfolio of brands including Tetra, DreamBone, SmartBones, Natureâs Miracle, 8-in-1, FURminator, Healthy-Hide, Good Boy, Meowee! and others. It manufactures and distributes its products globally in North America, Europe, Middle East & Africa (EMEA), Latin America (LATAM), and Asia-Pacific (APAC) regions.