(Reuters) - Newell Brands Inc (O:NWL) named Ravi Saligram, the outgoing chief executive officer of Ritchie Bros Auctioneers (TO:RBA), as its top boss, the U.S. household goods maker said on Tuesday.
Saligram's appointment comes at a time when Newell has laid out a $10 billion divestiture plan aimed at streamlining operations and cutting costs after more than doubling in size following its 2016 acquisition of Jarden Corp.
Saligram will take over from Christopher Peterson who had replaced Michael Polk as the company's CEO on an interim basis in June. Peterson is also Newell's chief financial officer.
Newell, the owner of Elmer's glue and Crock Pot cooker, said Saligram's appointment is effective Oct. 2. Ritchie Bros had announced Saligram's departure from the company last month.
Saligram's appointment was first reported by the Wall Street Journal earlier on Tuesday.