Whirlpool chief executive Jeff Fettig will step down from his role in October.
He will continue as chairman on the board of directors and will be succeeded by Marc Bitzer (pictured left), who is currently the company’s president and chief operating officer, effective from October 1.
Mr Fettig (pictured right) has been credited with the successful growth of the company both organically and through strategic acquisitions that increased sales by 75 per cent, from $12 billion (£9.5bn) in 2003 to $21bn in 2016. He has held the role of CEO since July 2004.
“On behalf of the Whirlpool board of directors, we are very pleased to appoint Marc as our next chief executive, the eighth CEO in our 106-year history,” he said. “Marc has a deep understanding of our business throughout the world and has personally led our operations and delivered strong results during his 18-year tenure at Whirlpool. As we prepare for the future, I am very confident that Marc is uniquely qualified to lead our company in continued success.”
Mr Fettig added: “My primary role is to support Whirlpool, Marc and our leadership team in this planned CEO transition. I am effectively stepping away from our day-to-day management after 36 years of service and the past 13 as CEO. As a company, we have achieved significant milestones during this time through the great work of Whirlpool people throughout the world. Going forward, I believe we have more opportunities than ever before in our 106-year history. I know Marc, and our Whirlpool leadership team, will continue to achieve great things for our company in the years ahead.
“For me, the opportunity to lead Whirlpool during the past two decades has been both an honour and a privilege. I am very proud of the great people here and in their dedication to our company, which has led to the success that we have all achieved.”
Mr Bitzer was named president and chief operating officer and elected to the board of directors in October 2015. Prior to this, he served as vice-chairman, which included the overall leadership of Whirlpool North America and Whirlpool Europe, Middle East and Africa (EMEA).
“I want to thank the Whirlpool board of directors and especially Jeff Fettig for their confidence in appointing me to this position,” said Mr Bitzer. “The foundation of success built by Jeff and so many within this company affords us an exciting future to exceed the needs and aspirations of our customers, expand shareholder value and create a unique and fast-paced workplace that people continually are proud to call Whirlpool Corporation.”