September 4, 2012 / 3:40 PM / 5 years ago

UPDATE 1-Newell Rubbermaid names new CFO

* Appoints company veteran Doug Martin as CFO

* Martin replaces Juan Figuereo

By Dhanya Skariachan

NEW YORK, Sept 4 (Reuters) - Consumer goods maker Newell Rubbermaid Inc said it has named company veteran Doug Martin as its new chief financial officer, succeeding Juan Figuereo.

Martin, 49, is a 25-year veteran of the company and most recently served as deputy chief financial officer. He is credited for streamlining the company’s cost structure.

Martin had been on the short list for CFO when Figuereo was hired, BMO Capital Markets analyst Connie Maneaty said.

The maker of Sharpie markers and Rubbermaid storage said Figuereo, who joined Newell in 2009, will remain with the company for the next few months to help with the transition. He is on the board of PVH Corp.

Newell, whose other products include Graco strollers, Calphalon cookware and Paper Mate pens, said in a separate statement on Tuesday it has hired Chuck Jones to the newly created position of chief design and research & development officer, hoping to tap his expertise to improve product designs.

Jones, 53, was most recently the chief design officer of Masco Corp. He has worked with Whirlpool Corp and Xerox Corp as well.

She has an “outperform” rating on Newell’s shares.

The company’s shares were down 18 cents, or 1 percent, to $17.75 in late morning trade on the New York Stock Exchange.

In recent years, the consumer products maker - which sells to companies ranging from mass merchant Target to office supply chain Staples - has benefited from a move to exit more commoditized product categories like shelving and wooden pencils.

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