Dara Mohsenian
Morgan Stanley, Research Division
Hi, good afternoon, everyone. I’m Dara Mohsenian, Morgan Stanley’s household products and beverage analyst. Just before we begin, a quick disclosure, please see the Morgan Stanley research website at www.morganstanley.com, research disclosures for our research disclosures. And if you have any questions, you can reach out to your Morgan Stanley representative.
With that, I’m very pleased to welcome back Chris Peterson, Newell Brands’ President and CEO; and Mark Erceg, CFO, to the fireside chat today.
So why don’t we start with the news from yesterday. You announced the new productivity plan with a reduction of 10% of the professional clerical employees. First, strategically, why is this plan being put in place now. You’ve got a large amount of restructuring already, what sort of originated behind this plan? And I guess, can you tie that intent to what actually is occurring under this play and organizationally? What are the changes that you’re making and the different buckets of actions you’re taking across the function?
