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Whirlpool, Maker of Big Home Appliances, Focuses On Its Small Ones
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Mixers by KitchenAid, a Whirlpool brand. The company will be separating out results for its small appliance business when it next reports earnings. PHOTO: CHRISTOPHER DILTS/BLOOMBERG NEWS
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Good morning. Whirlpool, a name often associated with home-appliance bruisers like washing machines and refrigerators, is looking to cut costs and focus on selling blenders and coffee makers, its latest effort to overhaul its more than century-old business as consumers pull back on large purchases.
The company behind its namesake brand as well as KitchenAid and Maytag products is going small, pinning its hopes on its popular stand mixers, espresso machines and other high-margin small kitchen appliances, after recently navigating dramatic swings in demand for high-ticket refrigerators and other home appliances as inflation weighs on shoppers’ willingness to spend on those larger items.
“We’re in the middle of transforming the company,” Chief Financial Officer Jim Peters said. “A big part of that is focusing it more on our higher-growth and higher-margin businesses.”
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Content from: DELOITTE
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Red Sea Disruption: New Reason to Refresh Supply Chains
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Continuing shifts in shipping patterns to address supply chain challenges provide yet another reason for organizations to revisit how they manage third-party risks. Keep Reading ›
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March 5-6, 2024 | New York, New York
Request an invitation | Participants and program
The era of cheap money is behind us and CFOs must now grapple with how to operate in a high interest rate environment, how fast to invest in artificial intelligence, and how to manage geopolitical tensions and thorny labor relations. With U.S. elections on the horizon, the CFO Network will discuss–through both newsmaking interviews and peer-to-peer discussions–how finance executives are reading the markets, driving the push for greater corporate efficiency and managing the pushback on ESG and DEI. Join WSJ journalists and some of the biggest names in corporate finance to discuss, debate and make headlines.
Confirmed speakers include:
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Martin Small, Senior Managing Director, Global Head of Corporate Strategy and CFO, BlackRock
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Bori Cox, CFO, Consumer and Community Banking, JPMorgan Chase
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Paul Ryan, Vice Chairman, Teneo; 54th Speaker of the House
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What Else Matters to CFOs
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Chemours said it would delay its fourth-quarter earnings release. PHOTO: ANP/ZUMA PRESS
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One of the biggest U.S. chemical companies is working on the formula for an accounting scandal.
Chemours shares fell more than 35% Thursday after the company said it was putting its top executives on leave and delaying its audited financial filings amid an internal investigation into its bookkeeping, compensation and ethics-hotline reports.
The announcement spooked investors who were expecting the Teflon maker to report its latest financial results. Instead, the company’s board of directors said it was working with a law firm to conduct an investigation.
The company said it put Chief Executive Mark Newman on leave, as well as Chief Financial Officer Jonathan Lock and its chief accounting officer, Camela Wisel.
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WSJ Pro Special Report on the Year Ahead
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The private-equity industry faces a year of change and uncertainty that will necessitate a shift in how firms guide their portfolio companies and how they think about managing their own funds and firms.
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Each week, we will share selections from WSJ Pro that provide insight and analysis we hope is useful to you. The stories are unlocked for The Wall Street Journal’s subscribers.
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Xometry, a North Bethesda, Md.-based AI-powered marketplace for manufacturing services, has hired James Miln to succeed James Rallo as CFO. Miln joins from Yelp, where he served as senior vice president of finance and investor relations.
—Colin Kellaher contributed to this newsletter.
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The Wall Street Journal's CFO Journal offers corporate leaders and professionals CFO analysis, advice and commentary to make informed decisions. We cover topics ranging from corporate tax accounting, regulation, capital markets, management and strategy. Follow us on X @WSJCFO. The WSJ CFO Journal Team is reporters Kristin Broughton, Mark Maurer and Jennifer Williams, and Bureau Chief Walden Siew. You can reach us by replying to any newsletter, or email Walden at walden.siew@wsj.com.
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