RYE, N.Y.—Jarden Corp. will split the roles of chairman and chief executive officer and create a new Office of the Chairman after its 2011 annual meeting in May.
Martin Franklin, current chairman and CEO, will take on the title of executive chairman at that time, and James Lillie, now president and chief operating officer, will be promoted to CEO. With Ian Ashken, vice chairman and chief financial officer, they will constitute the new Office of the Chairman.
In a Jarden statement, Franklin said he would continue to set the company’s strategic and philosophical direction as executive chairman. Lillie’s focus as CEO will be on the daily business operations, in collaboration with both Franklin and Ashken.
Franklin became chairman and CEO of Jarden in September 2001, the same time in which Ashken became vice chairman and chief financial officer. “I think there are benefits to Jarden from having a new CEO after 10 years,” he said, “particularly for interfacing with customers and from a corporate governance perspective.”
Lillie joined Jarden in August 2003 as chief operating officer, and assumed the presidency in January 2004.