GLEN ALLEN, Va. - In a recent announcement, Hamilton Beach Brands Holding Company (NYSE: HBB) has named R. Scott Tidey as the new President of the company, effective immediately. Tidey, who has been with the company's subsidiary, Hamilton Beach Brands, Inc., for nearly three decades, will take over the role from Gregory H. Trepp. Trepp will continue in his capacity as the Chief Executive Officer of the Company.
The change in leadership is part of a long-planned succession strategy. Trepp expressed his confidence in Tidey's abilities, citing his role in the company's growth and strategic initiatives. "Scott is an incredibly effective member of our executive leadership team and has helped us navigate through some of the most challenging and exciting times in our Company's history," Trepp stated.
Tidey, who has served in various senior roles within the organization, shared his enthusiasm for his new position. "I am honored to be appointed President of our Company. I look forward to working with our outstanding global team to build on the successes we have achieved," he said. He emphasized the company's strengths, including its culture, industry leadership, brand portfolio, innovation capabilities, and retailer relationships.
Prior to his new appointment, Tidey was the Senior Vice President, Global Sales of Hamilton Beach Brands since January 2023. His tenure with the company includes significant roles in sales and marketing, reflecting a consistent upward trajectory in his career at Hamilton Beach Brands.
Trepp, who has been with Hamilton Beach Brands since 2010 and was appointed to his current position in 2017, brings a wealth of experience to his ongoing role as CEO, including previous leadership at The Kitchen Collection, LLC.
Hamilton Beach Brands Holding Company is known for its wide range of small electric household and specialty housewares appliances, as well as commercial products. The company's portfolio includes several owned consumer and commercial brands, as well as licensed products and exclusive distribution agreements.
This leadership transition is reported based on a press release statement from Hamilton Beach Brands Holding Company.
InvestingPro Insights
As Hamilton Beach Brands Holding Company (NYSE: HBB) welcomes R. Scott Tidey as the new President, investors may find encouragement in the company's recent financial performance and shareholder-friendly moves. With a market capitalization of $258.59 million and a P/E ratio standing at 20.24, reflecting a slight adjustment to 17.92 for the last twelve months as of Q3 2023, the company showcases a stable valuation in the market.
InvestingPro Tips highlight that Hamilton Beach Brands has not only raised its dividend for 7 consecutive years but has also maintained dividend payments for 8 consecutive years, signaling a commitment to returning value to shareholders. Additionally, the company has experienced a large price uptick over the last six months, with a 71.13% total return, underscoring a robust market confidence in its stock.
Key metrics from InvestingPro Data include a 2.38% dividend yield as of the latest data, with a dividend growth of 4.76% in the last twelve months as of Q3 2023. This is complemented by a strong return over the last three months, with a price total return of 32.01%. These figures may reassure investors about the company's financial health and its ability to sustain and grow its dividends.
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