Helen Of Troy CEO Gerald Rubin Steps Down; Julien Mininberg Named Successor

(RTTNews) - Helen of Troy Ltd. (HELE) said Wednesday that its Board of Directors has appointed Julien Mininberg as Chief Executive Officer, effective March 1, the beginning of the Company's new fiscal year.

Mininberg, 49, who currently serves as Chief Executive Officer and President of Helen of Troy's Healthcare/Home Environment segment (Kaz and PUR), will succeed Gerald Rubin, 70, who is stepping down as Chief Executive Officer and President of the company and resigning from the Board of Directors, effective immediately, to serve as Chief Executive Officer of River Oaks Properties Ltd.

Thomas Benson, Senior Vice President and Chief Financial Officer, will serve as Interim Chief Executive Officer until Mininberg assumes the CEO role.

The company also said that it has decided to separate the roles of Chairman and Chief Executive Officer. Effective immediately, the company's Board has appointed Timothy Meeker, an independent director, to succeed Rubin as Chairman of the Board. The Board plans to nominate Mininberg as a director to stand for election at the company's 2014 annual meeting.

As a result of the CEO change, the company expects to record a charge of about $16.3 million or $0.50 per share in the fourth quarter of fiscal year 2014 ending February 28, 2014, which reflects payments required under Rubin's employment agreement.

The company expects to realize net savings in CEO compensation in fiscal year 2015 of about $30.0 million or $0.92 per share, which is net of the new CEO's target compensation expense.