Dive Brief:

• Procter & Gamble alum Mark Erceg, 53, will become CFO of the Atlanta, Ga.-based consumer goods company Newell Brands effective Jan. 9, the company announced in a Monday Securities and Exchange Commission (SEC) filing. He succeeds Chris Peterson who is transitioning to the role of president.
• Peterson, 56, a four-year company veteran, has served as CFO since 2018. He also gained the title of president of the company in May, according to a company announcement that month. Peterson will remain with Newell as president effective Jan. 9 as Erceg takes on the CFO position, according to the Monday filing.
• “I am excited that Mark is joining Newell Brands. We have worked together in the past and I am looking forward to partnering with him again,” Peterson said in a statement included in a Monday press release. “Mark is a highly experienced public company CFO with relevant industry experience and a strong track record of value creation. I believe the depth and breadth of his financial and operational experience will be a significant asset to our organization, as we continue to execute on our strategic priorities.”

Dive Insight:

Erceg will receive an annual salary of $800,000 as CFO for Newell Brands, according to the Monday filing, as well as a bonus equal to 120% of his annual salary. He will also receive a long-term incentive plan (LTIP) reward including restricted stock units and stock options valued at approximately $3.6 million. In addition to his annual LTIP award, he will also receive a one-time sign-on award of stock options with a value of $1.0 million, according to the filing.

Newell includes such brands as Elmer’s, Rubbermaid, Paper Mate, Sharpie and Yankee Candle in its portfolio.

Prior to joining Newell, Erceg served as CFO for Cerner Corporation from February 2021 to July, according to a company filing, and previously served as CFO of Tiffany & Company from October 2016 to January 2021. Cerner, an electronic health record company, was acquired by Oracle in a $28.3 billion acquisition which closed in June, CFO Dive sister publication Healthcare Dive previously reported.

Erceg has also held CFO roles for the Canadian Pacific Railway and Masonite International, according to his LinkedIn profile, and served in a variety of executive positions for retailer Procter & Gamble during his 18-year tenure with the company — beginning as a cost analyst and financial analyst, deodorant category, for the company starting in 1992.

Erceg’s appointment comes following slumping sales figures during the company’s most recent quarter, with net sales declining 19.2% year-over-year in the third quarter while core sales declined 10.8% for the same period, according to the company’s Oct. 28 earnings report.

The company expects economic uncertainty “to persist in the near-term,” Ravi Sailgram, CEO of Newell Brands, said in a statement included in the earnings release, while Newell is “laser focused on aligning the company’s cost structure with the macro backdrop,” Peterson, acting as CFO, said.

Peterson, who also logged a 20-year stint at Procter & Gamble — starting his career there in 1992 — has served as Newell Brand’s CFO for four years, according to his LinkedIn, including an 8-month stint as both CFO and interim CEO beginning in July 2019.

Newell Brands declined to comment past the details included in its Monday press release.