During his 23 years at Whirlpool, Jeff Fettig has trekked throughout the world on behalf of the appliance maker.
His greatest journey begins Thursday, when he takes over for David Whitwam as chairman and chief executive officer.
Whitwam, 62, retired Wednesday after holding the two positions for 17 years and creating a considerable legacy at Whirlpool Corp. Between 1993 and last year alone, sales rose from $7.4 billion to $12.2 billion and net earnings increased from $51 million to $414 million.
Fettig says he is ready for the new challenge. While respectful of his predecessor’s accomplishments, he is unafraid of following in Whitwam’s footsteps.
“I’ve worked in many, many different parts of our business, from the order desk to sales to marketing to general management,” says Fettig, 47, who joined Whirlpool in 1981 right after completing his master’s degree at Indiana University. “I’ve worked in the U.S., I’ve worked in Europe, I’ve worked in Asia.”
His globe-trotting has permitted him to work with a lot of Whirlpool’s suppliers and retailers, as well as many of its 68,000 employees.
Fettig served the past five years as president and chief operating officer of the Benton Harbor-based company, which is the world’s leading producer of major home appliances. He will remain president while adding the titles of CEO and chairman of the board of directors.
Whirlpool has not appointed his successor as COO.
Fettig says while the COO oversees the company’s day-to-day operations, the CEO provides the company’s long-term vision and direction, such as Whitwam’s push for innovative new products in recent years. The two men started working closely together in 1994, after Fettig was appointed an executive vice president of Whirlpool Corp. and president of Whirlpool Europe and Asia.
Part of Fettig’s job as COO was taking companies that Whirlpool acquired in Asia, Europe and Latin America and integrating them to create a more global Whirlpool.
In 1987, about 5 percent of Whirlpool’s revenue came from outside the United States. Now, that figure is closer to 40 percent, Fettig says.
Before leaving, Whitwam e-mailed a farewell message to employees Wednesday in which he expressed confidence in Fettig’s ability to hit the ground running.
“I couldn’t be more confident and comfortable with my decision to retire early and my strong belief and confidence in the continuing success of our company,” writes Whitwam. “Today, our company is performing well; our strategic direction is sound and successful; our global operating foundation is firm; we have an outstanding global leadership team in place; and Jeff Fettig is an exceptional leader and more than ready to take over as CEO of Whirlpool.”
Lisa Bonnema, editor of Appliance Magazine, a 60-year-old trade publication, likens the transition to “a passing of the torch.”
“Fettig has worked alongside Whitwam for years and has also held key positions at Whirlpool over the years. He obviously supports the direction the company has taken during Whitwam’s reign,” she says.
Like his predecessor, Fettig will put his own stamp on Whirlpool in the coming years, Bonnema says, but don’t expect any immediate, outwardly visible changes at the company.
“It seems to me Fettig would continue to push the same ideologies Whitwam did “” innovation and globalization,” she says. “So far, they’ve been successful and have helped differentiate Whirlpool from other players. Why wouldn’t he continue on that path?”
Laura Champine, who follows the appliance industry for Morgan Keegan & Co. Inc., says while consumers probably won’t notice much of a difference at Whirlpool, financial analysts such as herself will.
“He’s likely to expand their profitability and cost effectiveness more than being some sort of flashy-product guy,” says Champine. “They need important and strong product, and I think he understands that, but I think he’s more of a cost optimizer.”
Fettig asks good questions, listens closely to the answers and stays on top of things, says Jeff Noel, president of the Cornerstone Alliance, an economic development organization.
Shortly after Fettig returned to Benton Harbor from Europe in 1999, he met with Noel a few times to discuss many of the economic and social issues facing the small, impoverished city in far southwestern Michigan.
“He wasn’t just asking questions,” Noel says. “He was showing that he had already done his homework and knew an awful lot of the issues. He was basically using the conversation to both get up to speed and send the message that he was here to be as supportive as he possibly could, and he has been that way ever since we had those discussions.”
A native of Tipton, Ind., Fettig earned a bachelor’s degree in finance and a master’s in business administration from Indiana. Besides being on Whirlpool’s board, he joined the board of directors at Midland-based Dow Chemical Co. in December and is a trustee for the Midwest region of Boys & Girls Clubs of America.
“The vision and leadership that he has demonstrated at Whirlpool are valuable assets because we see ourselves as a business with a different bottom line “” saving lives,” says Roxanne Spillett, president of Boys & Girls Clubs of America.
As Fettig begins his new journey at Whirlpool, he says his goal is a simple one: to keep the company growing.
“That’s the sign of a great company,” he says. “That’s why we’ve been around for 93 years, and hopefully we’ll be around for 93 more.”
From MLive.com