Newell Brands Inc. closed on its acquisition of Jarden Corp. last month, and now it has a chief financial officer to lead the combination.
Tiffany & Co.’s Ralph Nicoletti will join the consumer-products company as CFO on June 8, Atlanta-based Newell said in a statement Friday. Nicoletti, 58, replaces John Stipancich, who is leaving after about a year as CFO and more than a decade with the company. Nicoletti had been at Tiffany for two years, following stints at Cigna Corp., Alberto-Culver Co. and Kraft Foods.
Nicoletti will join Chief Executive Officer Mike Polk in trying to make good on Newell’s biggest acquisition to date, one that more than doubled its revenue. Polk has a goal of cutting $500 million in costs at the new combined company. Nicoletti also will lead the push to increase cash flow and reduce the debt Newell took on to buy Jarden, the company said. Polk especially liked Nicoletti’s familiarity with mergers from his time at Kraft.
That “will help us realize efficiencies and deliver our growth objectives,” Polk said in an e-mail. “Ralph has deep experience with large publicly traded companies undergoing transformation.”
Newell’s acquisition of Jarden created a conglomerate with $16 billion in sales and brought the company -- which was best known for office-supply lines such as Sharpie and Paper Mate -- into new categories, such as sports and outdoor with brands like Rawlings and Coleman.