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[January 15, 2014]
Helen of Troy names new CEO, chairman
(Associated Press Via Acquire Media NewsEdge) EL PASO, Texas (AP) — Helen of Troy, the company behind consumer products including Febreze and Dr. Scholl's, said Wednesday that it has named one of its executives as its new CEO as its co-founder steps down. It also named an independent director as its new chairman.
Julien Mininberg, 49, is currently CEO and president of the El Paso, Texas, company's health care and home environments business, its largest division. He used to work at consumer products maker Procter & Gamble.
He will succeed Gerald Rubin, 70, who is leaving as CEO and president of the company and resigning from its board immediately to take a job as CEO of a commercial real estate firm in El Paso. Rubin, 70, helped found Helen of Troy in 1968.
Until Mininberg becomes CEO in March, CFO Thomas Benson will be the interim CEO.
The company also said Wednesday that its board has decided to separate the roles of chairman and CEO. It appointed Timothy Meeker, an independent director, to succeed Rubin as chairman of the board.
Helen of Troy Ltd. expects to record a $16.3 million charge in its fiscal fourth quarter as a result of the CEO change. The company expects to realize savings of about $30 million in CEO compensation in the fiscal year that starts in March.
Shares of the company jumped 4 percent to $54.50 in after-hours trading. The stock has gained 46 percent over the past 12 months.
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