The man who led the acquisition and sale of Pure Fishing owner, Jarden Holdings, is leaving the business.
Newell Brands CEO and President, Michael Polk, endured an uneasy tenure following the $15 billion Jarden purchase, with shares shedding over 60% of their value since the takeover in late 2015.
The deal put the world’s largest tackle producer under the same roof as Sharpie pens, Yankee Candle and Mr. Coffee machines. It was viewed favourably by investors at the time, but struggled with weak sales and missed targets.
There were multiple job losses at Pure Fishing during the Newell regime and the tackle brand is widely believed to have lost its way. Pure Fishing was acquired by New York equity group, Sycamore Partners, late last year. Polk will leave at the end of June.