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© whirlpool Electronics Production | June 23, 2017

Jeff Fettig steps down as Whirlpool CEO

Jeff M. Fettig, Whirlpool Corporation's Chairman and CEO since 2004, will step down as CEO and continue in his role as Chairman of the Board of Directors.
Marc Bitzer, the company's current President and Chief Operating Officer, is to succeed Fettig as CEO. These changes will become effective October 1.

"On behalf of the Whirlpool Board of Directors, we are very pleased to appoint Marc as our next CEO, the 8th CEO in our 106-year history," said Jeff M. Fettig. "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."

"I want to thank the Whirlpool Board of Directors and especially Jeff Fettig for their confidence in appointing me to this position," said 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."

Fettig is credited with the successful growth of the company both organically and through strategic acquisitions that increased sales by 75 percent -- from $12 billion in 2003 to $21 billion in 2016. The company's acquisition of Maytag Corporation in 2006 and of Indesit Co. SpA in 2014 added the prestigious brands of Jenn-Air, Maytag, Amana and Indesit creating an industry-leading portfolio that targets more than 90% of global consumers with seven brands garnering more than $1 billion in annual sales. Whirlpool's market value during Fettig's tenure increased from $5 billion to more than $14 billion, and the company's annual dividend increased from $1.36 per share to $4.40 per share.

Fettig joined Whirlpool in 1981 as an Operations Associate. He held a number of managerial positions in operations, sales, planning and product development before being promoted to Vice President of Marketing for the KitchenAid appliance group in July 1989. In October 1990, he was named Vice President of Marketing for the Phillips Whirlpool Appliance Group of Whirlpool Europe BV, the company's European subsidiary. He was named Vice President of Group Marketing and Sales for the company's North America Appliance group in October 1992. In 1994, he was named an Executive Vice President of Whirlpool Corporation and President of Whirlpool Europe and Asia.

Fettig served as President and Chief Operating Officer and was first elected to the Whirlpool Board of Directors in June 1999. He became Whirlpool Corporation's Chairman and Chief Executive Officer in July 2004.

A native of Tipton, Indiana, Fettig holds a Bachelor's degree in finance and an MBA from Indiana University.

Fettig serves as the lead director of the Dow Chemical Board of Directors and is a member of the Board of Directors for the Kohler Company. He serves on the Board of Directors of the Indiana University Foundation and on the Board of Governors for Boys and Girls Clubs of America. He also is a member of the Business Leaders for Michigan and the Business Roundtable.

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October 15 2018 11:56 pm V11.6.0-1