UPDATE 1-Jarden splits CEO, exec chairman roles; names new CEO
* CEO Franklin to assume exec chairman's role
* Promotes COO Lille to CEO's role
Jan 6 (Reuters) - Consumer products company Jarden Corp (JAH.N) said its Chief Executive Martin Franklin will step down after 10 years at the helm and continue to be executive chairman after its annual meeting in May.
Chief Operating Officer James Lillie will become its top executive, Jarden said.
Lillie, who joined the company in 2003, will be responsible for managing the day-to-day operations of the company while Franklin will continue to set the strategic direction of the business, Jarden said in a statement.
Jarden, which owns brands such as Mr. Coffee, Crock-Pot and K2, said it continues to expect top line organic growth of 3-5 percent in 2011.
It also sees gross margins improving at least 50 basis points and adjusted earnings per share growing 10 percent for the year.
The Rye, New York-based company has often said its diversity of products -- from playing cards and cooking pots to storage containers and ski gear -- has sheltered its profits during the downturn.
Shares of the company, which supplies products to retailers like Wal-Mart Stores Inc (WMT.N), Target Corp (TGT.N) and Bed, Bath and Beyond (BBBY.O), closed at $31.51 Wednesday on the New York Stock Exchange. (Reporting by Abhishek Takle in Bangalore; Editing by Gopakumar Warrier)
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