By Adam Coleman and agencies
US: Maytag chairman and CEO, Ralph Hake announced his resignation yesterday only days after Whirlpool formally acquired the company.
“I will not be staying with the company, by choice, as Whirlpool already has the leadership required,” Hake said in a conference call with Whirlpool and Maytag employees.
“I have many things I still want to pursue and accomplish in life and this gives me the opportunity to move on to the next chapter.”
Hake is rumoured to have a change of employment package that awards him more than $12 million in the event of a significant change in job duties.
Interestingly, Hake departs Maytag at a time when his company is acquired by his previous employer of 12 years, Whirlpool.
Hake joined Whirlpool Corporation in 1987 as vice president of financial planning and analysis and departed in 1999 after reaching the heady heights of senior executive vice president and CFO.
In between stints at the two behemoth appliance manufacturers, Hake was employed in a similar position at Fluor Corporation, a US$10 billion engineering, construction and professional services firm, but not for long. After only two years Hake returned to appliances to head up Maytag Corp as chairman and CEO.
One of the first responsibilities Hake faced in the Maytag role was to oversee the integration of the company’s then latest acquisition, Amana Appliances.
Unfortunately for Hake, he was at the wheel when Maytag began turning in poor results.
After attempts to streamline the business and restructure, he eventually helped devise the agreement to sell Maytag, which started a bidding war culminating in his former employer outbidding rival Chinese manufacturer Haier Group and the Ripplewood Group of investors.