Jarden

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Get insights into Jarden including business profile, stock information, news, and rankings from Fortune.

Jarden Company Profile, Stock Price, News, Rankings

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Jarden | Fortune

Jarden Company Profile, Stock Price, News, Rankings | Fortune

 Mike, since you became CEO of Newell five years ago, you got a lot of praise for a remarkable turnaround. The stock has quadrupled. Earnings have been up every single quarter. From a leadership point of view, what has been the key to your success? Look, it's determination. It's intensity. It's choicefulness. You have to make choices, and you have to be consistent in your actions with those choices. There are costs associated with change, so you have to be empathetic to-- and understanding, and open, and transparent about the costs of change that come with a transformation such as the one we've come through. Now, your job is to merge in Jarden and integrate into Newell brand. And you've already made a lot of significant changes. You've-- hiring senior executives from outside of the company. You're moving the headquarters from Atlanta to Hoboken, New Jersey. I'm guessing that there's been a lot of conversation within the company about all of these dramatic changes. So what do you have to do, as a leader, to make sure that people stick with you? You have to paint a picture of the company you aspire to be. If you want to maintain engagement through a change program as profound as the one we're going through, you have to define the destination. And that's what I mean by painting a picture of the company we aspire to be. Any missteps-- anything that you say, I wish I could have done that just didn't go over? I sometimes didn't move fast enough, because I was cautious about continuity and cautious about delivery. With the benefit of five years of hindsight, I can tell you we probably should have gone faster. And that one's on me, as a leader. If I'd had that experience doing something as big as what we've done before, I might have done it differently. I will definitely apply those lessons learned to the combination with Jarden. What is your biggest fear? One of the most important leadership lessons learned-- I've had is that my inclination-- my personal inclination is to come to a point of view pretty quickly based on the data, based on conversations. I think it's really important to govern the speed with which you make choices to make sure that you've listened actively, you've engaged actively, you've debated appropriately some of the big calls you made. And my fear is that, in the drive to achieve the outcome, we'll miss something as a result of making an error of omission. Before you came to Newell, you had long stints at many big blue chip companies-- Yeah. --Procter & Gamble, Kraft, Unilever. And I'm sure that you got a lot of good advice over the years, but what would you say was the best leadership advice you ever got? The best advice I ever got was actually not spoken. It was observed by me over my formative years at home. My father came to the US through Ellis Island. I'm first-generation American. They came here with nothing. And my father modeled the behavior that I've tried to embrace. And it's in that cumulative experience with him for my 20 years at home that I have formulated the person I am. He was always forward-looking. He never looked back. He was unbelievably hardworking. He achieved an immense amount from nothing. And he set an environment up for me and my sister to go out and be the best that we could be. Now, between my mother and my father, they set an environment that I grew from, and I would consider that advice of a different form. It's not spoken advice, but it's modeled advice. 

Here's How Newell Brands' CEO Plans to Lead 50,000 Employees

Leadership

After his company acquired Jarden earlier this year.

Mike since he became CEO of Newell five years ago, you got a lot of praise for a remarkable turnaround. The stock has quadrupled. Earnings have been up every single quarter. From a leadership point of view, what has been the key to your success look, its determination, its intensity, its choice. Fullness. You have to make choices, Um, and you have to be consistent in your actions. With those choices. There are costs associated with change, so you have to be empathetic to in understanding that, an open and transparent about the costs of change that come with a transformation, such as the one we've we've come through. Now your job is to merge in Jardin and integrated into the Newel brand, and you already made a lot of significant changes that you've hiring senior executives from outside of the company. You're moving the headquarters from Atlanta to Hoboken, New Jersey. I'm sure that I'm guessing that there's been, ah, lot of conversation within the company about all of these dramatic changes. So what do you have to do is a leader to make sure that people stick with you, you have to paint a picture of the company you aspire to be, if you want to maintain engagement through a change program is profound, is the one we're going through. You have to define the destination, and that's what I mean by painting a picture of the company we inspired today. Any missteps, anything they say. I wish I could have done that over. That didn't go over well. I sometimes didn't move fast enough because I was cautious about continuity and cautious about delivery. With the benefit of five years of hindsight, I can tell you we probably should have gone faster in that one's on me is a leader. You know, If I'd had that experience doing something as big as what we we've done before, I might have done it differently. We'll definitely apply those lessons. Learned to the combination with Jordan. What is your biggest fear? You know, one of the most important leadership lessons learned I've had is that my you know, my inclination. My personal inclination is toe is to come to a point of view pretty quickly based on the data based on conversations, I think it's really important to governed the speed with which you make choices to make sure that you've You've listened actively. You've engaged actively. You've debated appropriately some of the big calls you made. And my fear is that in the drive to achieve the outcome will miss something a za result of making an error of omission. Before you came to Newell, you who had long at many big blue chip companies Procter and Gamble Craft Unilever And I'm sure that you got a lot of good advice over the years. But what would you say was the best leadership advice you ever got? The best advice I ever got was actually not spoken. It was observed by me over my kind of formative years at home. My father came to the US through Ellis Island. I'm first generation American. They came here with nothing, and my father modeled the behavior in that in that that I've tried to embrace. And it's in that cumulative experience with him, Um, for my 20 years at home that I have formulated the person I am. He was always forward looking. He never looked back. He was unbelievably hard working. He achieved an immense amount from nothing any setting environment up for me and my sister to to go out and be the best that we could be between a mother and my father. They set a new environment that I grew from, and I would consider that advice of a different form. It's not spoken advice, but it's modeled advice.

Jim, what do you think it takes to be an effective leader? I think to be an effective leader you have to be a great listener. You have to really absorb what people are saying. You can't be reactive, you have to be thoughtful. You have to be a bit preemptive and proactive. But at the end of the day, you really have to be a good listener. And you have to be able to distill things down into simple common denominators. So how would you describe your leadership style? I think I'm a great listener. I'm a good techtician. I look at business like a chessboard and I'm always trying to think three, or four, or five moves down the road. And ultimately so that we can win the game, and lose as few of my pieces as possible along the way. What are the qualities that you think are important as you're grooming those new leaders for the future? I think people have to be the person who they really are. They have to be respectful of the team around them. They have to be good listeners. They have to be very good concise communicators. They have to distill information down and make it digestible for others. And then quite frankly they have to assign accountability, assign a timeline, understand the economic impact and make sure that there's an alternative plan when they hit a fort in the road. Mm- hm. So what's the advice or the message that you give To employees at your company on what it takes to become an effective leader. Well I think people really need to care about their reputation. Nobody's going to remember how much money you spent on a deal, or whether or not the project got turned in on a Tuesday afternoon vs a Wednesday morning. They are going to remember how you contributed, how you participated And at the end of the day, were you a good compatriot or were you a bad compatriot? Very good advice. So, how about on the flip side of that. When it comes to leadership. Mm- hm. What's the best advice that you've ever received? Yeah, I think it was my father, quite frankly, when I got out of college and he was encouraging me to go find a job. and had a few job offers and you know, one paid me significantly more money than the other, though still very little money, in retrospect. And he said look, take the one that gives the best experience because life's a long time, there's plenty of time to make money, but there's not plenty of time to have great experiences, great opportunity, great exposures And my dad, he was right at the end of the day and I give him credit for that.

James E. Lillie, CEO of Jarden Corporation, which owns such beloved products as Ball jars and Crock Pots, tells Fortune's Susie Gharib why listening to employees is the most important leadership skill.

This CEO thinks listening is the most important leadership skill

James E. Lillie on why he listens to employees. 

Jarden CEO Says This is Most Important Leadership Skill

So, Jim, your company is Jarden. Mm- hm. Is pretty much considered a bellweather for the consumer. You have everything from baseball gear and camping equipment, to Crock Pots and Ball Jars. So you have a very good insight into how the consumer feels about spending money. So how is the American consumer doing these days? I actually think the American consumer is doing pretty well. It's been a constantly evolving process over the last several years, it's been a gradual U- shaped recovery, but I think they feel pretty good. If you hear about job security you don't hear about massive unemployment anymore. 401k balances are relatively high, and I think at the end of the day You take the improvement in wages, more money in their pocket for disposable income purposes off of gas prices, and relative economic security, I think they feel pretty good. Everybody assumes that because gasoline prices have stayed low, and now it's almost a year that this is having an impact on consumers feeling a little bit freer about spending. Is that really true? Are you seeing that? I think they think it's really more of a permanent feature or fixture in their lifestyles. You know every once in a while you have one off gas prices increases of them going down. But after they've been there for a year it's a pretty constant. And I think they can rely on that money being around. Mm- hm. You are in so many different parts of the consumer business area. Mm- hm. Is there one area of your company that's Stronger, where are most of the orders coming in? We have 120 or so active brands and we really don't have a hockey stick covering the sins of another business. But across our entire portfolio, obviously we have good growing aspects of the business, like our Yankee Candle business continues to do very well. Our marmot apparel business continues to do very well. But, the entire business is really growing at kind of a 3 %-% 5 clip with whether being kind of the leader in pushing businesses ahead or behind. But you do have such a vast collection of brands. We do. Are you looking to add More companies, more brands. Are you looking to buy? We are absolutely looking to buy. We are in a low- rate environment for the time being. Obviously, the feds meeting and so the rates are going to go up, but I think, right now, we generate a tremendous amount of cash, and in this low- rate environment, certainly wanna keep looking for MNA opportunities. Are we gonna hear next week that you bought another company? I don't think you're gonna hear next week that we bought another company, but we really like to have brands that are number one in their categories. We're happy to have number two if we have number one as well. But we find that number one brands are very economically resilient. During the '08, '09 time period our revenue was only down 2 % and our EBITDA was essentially flat. During that period of time, because our brand's resonated with consumers and they resonated with the retailers, and so that's really kind of our tactical strategy is to be the number one in each categories. One way we can tell that Jarden is doing pretty well is looking at your stock, and it's up almost 30 % since Last year at this time. Mm- hm. What is this gonna take to keep that momentum? We expect to be able to deliver 10 % plus earnings growth every year over the next several years. And if you do that, you deliver the $ 4 a share in 2018, and you take the current multiple of 20, that implies a $ 80 stock price. In about two and a half years, and if you get multiple expansion, which we expect we will continue to get multiple expansion, you're looking at an $ 80 to $ 100 stock price two years out.

Will Crock Pots and Ball Jars get this company an $80 stock price?

CEO James E. Lillie on company predictions.

Will Crock Pots and Ball Jars increase Jarden's stock price?

Jarden CEO James E. Lillie talks with Fortune's Susie Gharib about predictions for the company's future.

We're at the halfway point for the year. What kind of economic growth are you expecting for the second half of the year? We're looking for about 3 to 5 % topline growth. We think the US economy is gonna support that. We think the global economy is gonna support that. Europe obviously is a little bit behind the US, but we see good progress in Europe. And our base of operations in Latin America. Despite what's going on with kind of pullback in the Brazilian economy is very strong and we're expanding in Asia as well. So we feel relatively bullish about the outlook and opportunities in front of us. As you know the Federal Reserve Policy makers are meeting this weekend and everybody is very anxious about when is our interest rates going to go up. Especially now that we're seeing that the job market is stronger, companies are hiring more. What are your expectations on And interest rates. The rates are gonna go up. Whether or not they go up in the fourth quarter or early in the first quarter, it's inevitable that they're gonna go up, because the economy, as you said, has been improving. We're prepared for it. We're planning for it in our outlook in our business. And I don't think it's such a bad thing. How are you planning for a higher interest rate? What are you doing? As we look at M and A, we wanna take advantage of this well rate environment and go out and look for opportunities while rates are still low. and it creates a long term opportunity for us. I think there's a lot of competition on the MNA front. You're seeing a lot MNA activity because I think a lot of people are thinking very similar to us that rates are inevitably going to go up. So let's take advantage of it while we can. What do higher rates mean for your consumers? You are such a consumer based business, as rates go up Are they gonna hold back on spending? I don't really think that they're gonna hold back on spending because at the end of the day you know, somebody's using a credit card. Their already paying 18 to 24 % interest. So I'm not sure what it's gonna mean, you know, to bank rates but I think the savings rates will go up which will help, you know, a certain level of people. Particularly if you look at the number of people retiring, people taking money out of their 401K accounts. I think they'll feel a little bit better if they get some nominal level of interest on their savings, but I don't think it's gonna slow down the economy quite frankly, I think the Fed is smarter than that, and they're gonna balance what any kind of rate activity versus what the offset might be. Because you don't wanna kinda pull and push the consumer along. You wanna have kind of a balance forward movement.

Jarden CEO weighs in on interest rates

James E. Lillie on how interest rates will affect spending.

As the chief executive of a company that owns everything from Yankee Candles to Crock Pots, James E. Lillie talks about how raised interest rates will affect consumer spending.

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