Newell Brands to cut office staff by 7% by the end of the year

Newell Brands Inc.
NWL,
+0.84%
said Monday that it will cut its office workforce by about 7% by the end of 2024, as part of a organizational realignment aimed at cutting costs and boosting profitability. Shares of the consumer goods company, with brands including Rubbermaid, Sharpie, Graco and Yankee Candle, edged up 0.2% in premarket trading. The company said it expects to record a restructuring charge of $75 million to $90 million, mostly by the end of the year. The company expects the organizational changes to lead to annual savings of $65 million to $90 million, with $55 million to $70 million in savings expected in 2024. Newell had about 28,000 employees worldwide at the end of 2022. The company said it also plans to “optimize” its real estate footprint. “Through the organizational design changes, we expect to maximize accountability and ownership of financial results, drive consistency in how we work, reduce overhead cost structure and complexity, while investing in the capabilities we need to win,” said Chief Executive Chris Peterson. “These actions will enable the company to operate with greater speed and agility.” Newell’s stock has rallied 13.8% over the past three months through Friday, while the S&P 500
SPX,
+0.18%
has advanced 9.05.