Both companies made the announcement concerning Smith’s new position yesterday, stating that he would take up the new position in the first week of September, based in Lake Success, New York.
Smith has enjoyed a long career at Elizabeth Arden, where he has been instrumental in the financial restructuring of the business, particularly during the last couple of years, when some major new strategies have been introduced, designed to help turn the business around.
Smith has been with Elizabeth Arden for 12 years
"Steve has been a valuable member of our management team since he joined us in 2001, shortly after the Elizabeth Arden acquisition,” said E. Scott Beattie, chairman, president and Chief Executive Officer of Elizabeth Arden.
“Along with the strong finance and accounting team that Steve has built, he has been instrumental in managing the financial governance of our Company to very high standards.”
Hain Celestial has been on the look-out for a new CFO since Ira Lamel handed served notice of his departure in September of last year.
"Steve has an extensive background in working with consumer products companies on a global basis and brings a demonstrated ability to implement business analytics for high-performance strategic growth. Steve is the right person to work with our management team in achieving our next level of growth," said Hain Celestial CEO Irwin Simon.
"Lastly, all of us at Hain Celestial thank Ira Lamel for his contributions over the past 12 years including his financial acumen, sound judgment and broad understanding of our business," added Simon, who intends to maintain the working relationship with Lamel on a consultative basis.
Contrasting financial results for the two companies
The announcement of Smith’s new appointment comes on the back of sharply contrasting quarterly results, recently posted by both companies.
On the one hand, Hain Celestial posted better than expected results, pleasing the investment world and sending share prices upwards.
Elizabeth Arden, on the other hand, posted worse than expected quarterly results, after it lost a big order with major retailer Walmart, which significantly impacted both net revenues and the bottom line.