Learmonth to Lead Maytag Appliances Business Unit;
McConnaughey to Head Maytag Services
NEWTON, Iowa, Nov. 16 /PRNewswire-FirstCall/ -- Maytag Corporation
(NYSE: MYG) today announced two key organizational changes.
(Logo: http://www.newscom.com/cgi-bin/prnh/20000505/MYGLOGO )
Arthur B. Learmonth, President of Maytag Services business unit, is
promoted to the position of Acting President for Maytag Appliances business
unit. Learmonth, 59, will lead Maytag's largest business unit, which
manufactures and markets major appliances and floor care products sold in
North America. David R. McConnaughey, 49, Vice President, Maytag All-Brand
Service in Maytag Services, is promoted to the position of Acting President,
Maytag Services, replacing Learmonth. Maytag Services is the leader in home
appliance repair. It provides repair and maintenance to Maytag brand
appliances as well as other major appliance brands. Both Learmonth and
McConnaughey will report directly to Ralph F. Hake, Maytag chairman and CEO.
Hake said, "Art Learmonth is a talented and proven executive who brings a
wealth of operations experience from his 35-year career working in
manufacturing and supply chain positions. His skills will be invaluable as we
manage through our restructuring initiatives. During his tenure with Maytag
Services, Art and his team have grown the business, experiencing double-digit
revenue increases during the last six quarters. We are pleased that Art will
lead the Appliances organization."
Art Learmonth joined Maytag Appliances in 1997 as Vice President,
Manufacturing and Engineering. He was promoted to Senior Vice President,
Supply Chain in 2003 and then assumed his most recent position at Maytag
Services in 2004. Learmonth has been instrumental in instituting the
LeanSigma(R) business management tool at Maytag to develop a lean and highly
efficient operation. Maytag has realized hundreds of millions of dollars in
cost savings since the organization formally implemented its LeanSigma(R)
certification program in 2001.
Learmonth began his career in 1970 with the General Motors Harrison
Radiator Division and then G & O Manufacturing Company before moving to
Nippondenso Manufacturing USA, Inc. in 1986 as Vice President
Manufacturing/Operations. He also worked as Vice President, Operations for
York International. He holds a bachelor's degree in business administration
from the University of New Hampshire.
Dave McConnaughey joined Maytag in 1998 as Vice President & General
Manager - Laundry in the Maytag Appliances business unit before moving to Vice
President & General Manager - Amana in 2003. He was appointed to his current
position in Maytag Services in 2004. McConnaughey has held a variety of
management positions for Johnson & Johnson Company, Nippondenso USA and Borg
Warner Automotive. Dave holds a bachelor's degree in management from Spring
Arbor College and an M.B.A. in business from Northwestern University's Kellogg
Graduate School of Management.
Hake also noted, "Dave has been an integral part of Maytag for several
years. Through his contributions in Maytag Services, the business has
diversified its revenue base and grown. I have great confidence in his ability
to step into this senior leadership role and sustain the profitable growth we
have experienced in the Services business."
Maytag Corporation is a leading producer of home and commercial
appliances. Its products are sold to customers throughout North America and
in international markets. The corporation's principal brands include
Maytag(R), Hoover(R), Jenn-Air(R), Amana(R) and Dixie-Narco(R).
Maytag Additional Information
This document includes statements that do not directly or exclusively
relate to historical facts. Such statements are "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. These forward-looking statements
speak only as of this date and include statements regarding anticipated future
financial operating performance and results. These statements are based on
the current expectations of management of Maytag. There are a number of risks
and uncertainties that could cause actual results to differ materially from
the forward-looking statements included in this document. For example, with
respect to the transaction with Whirlpool (1) Maytag may be unable to obtain
shareholder approval required for the transaction; (2) conditions to the
closing of the transaction may not be satisfied or the merger agreement may be
terminated prior to closing; (3) Maytag may be unable to obtain the regulatory
approvals required to close the transaction, or required regulatory approvals
may delay the transaction or result in the imposition of conditions that could
have a material adverse effect on Maytag or cause the parties to abandon the
transaction; (4) Maytag may be unable to achieve cost-cutting goals or it may
take longer than expected to achieve those goals; (5) the transaction may
involve unexpected costs or unexpected liabilities; (6) the credit ratings of
Maytag or its subsidiaries may be different from what the parties expect; (7)
the businesses of Maytag may suffer as a result of uncertainty surrounding the
transaction; (8) the industry may be subject to future regulatory or
legislative actions that could adversely affect Maytag; and (9) Maytag may be
adversely affected by other economic, business, and/or competitive factors.
Additional factors that may affect the future results of Maytag are set forth
in its filings with the Securities and Exchange Commission ("SEC"), which are
available at http://www.maytagcorp.com . Maytag undertakes no obligation to
publicly update or revise any forward-looking statements, whether as a result
of new information, future events or otherwise.
Additional Information Relating to the Proposed Merger and Where to Find
It
Whirlpool and Maytag have filed a preliminary prospectus/proxy statement
with the SEC in connection with the proposed transaction. Investors are urged
to read the preliminary prospectus/proxy statement, and any other relevant
documents filed or to be filed by Whirlpool or Maytag, including the
definitive prospectus/proxy statement when available, because they contain or
will contain important information. The preliminary prospectus/proxy
statement is, and other documents filed by Whirlpool and Maytag with the SEC
are, available free of charge at the SEC's website (http://www.sec.gov) or
from Whirlpool by directing a request to Whirlpool Corporation, 2000 North M-
63, Mail Drop 2800, Benton Harbor, MI 49022-2692, Attention: Larry Venturelli,
Vice President, Investor Relations. Neither this communication nor the
preliminary prospectus/proxy statement constitutes an offer to sell or the
solicitation of an offer to buy Whirlpool common stock in any jurisdiction
outside the United States where such offer or issuance would be prohibited --
such an offer or issuance will only be made in accordance with the applicable
laws of such jurisdiction.
Whirlpool, Maytag and their respective directors, executive officers, and
other employees may be deemed to be participating in the solicitation of
proxies from Maytag stockholders in connection with the approval of the
proposed transaction. Information about Whirlpool's directors and executive
officers is available in Whirlpool's proxy statement, dated March 18, 2005,
for its 2005 annual meeting of stockholders. Information about Maytag's
directors and executive officers is available in Maytag's proxy statement,
dated April 4, 2005, for its 2005 annual meeting of stockholders. Additional
information about the interests of potential participants is included in the
preliminary prospectus/proxy statement Whirlpool and Maytag filed with the
SEC.
Media Contact: John Daggett
Maytag Corporate Communications
(641) 787-7711
john.daggett@maytag.com
SOURCE Maytag Corporation
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Related links:
http://www.maytagcorp.com
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CONTACT:
John Daggett, Maytag Corporate
Communications, +1-641-787-7711, john.daggett@maytag.com
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