* CEO Franklin to assume exec chairman's role
* Promotes COO Lille to CEO's role
Jan 6 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 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