Maytag Corp. president and chief operating officer Lloyd Ward has been named to succeed chairman and chief executive officer Leonard Hadley when he retires in August.
The announcement was made yesterday at Maytag's annual shareowners meeting in Newton, Iowa.
Hadley, who becomes 65 on July 4, has been with Maytag since 1959 when he joined the company as a cost accountant. He was named president of Maytag Company in 1986, executive VP of the corporation and head of the North American Appliance Group in 1989. Hadley became chief operating officer in 1991, and president and chief executive officer in 1992.
During Hadley's tenure as chairman and CEO, Maytag's annual sales have grown over 60% from $2.47 billion in 1993 to $4.07 billion last year. He is also known for the launch of the high-end h-axis Neptune washer and matching dryer.
Recently, Maytag Appliances launched the Gemini double-oven, another innovative product.
Ward, 50, who had previously been VP of operations for Pepsico, joined Maytag in 1996 as executive VP and president of Maytag Appliances. He was elected to his current position in February of 1998.
No plans have been announced to fill Ward's current position.