SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of
the Securities Exchange Act of 1934
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MAYTAG CORPORATION
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FOR IMMEDIATE RELEASE
Media Contact: John Daggett
Maytag Corporate Communications
(641) 787-7711
john.daggett@maytag.com
MAYTAG ANNOUNCES ORGANIZATIONAL CHANGES
LEARMONTH TO LEAD MAYTAG APPLIANCES BUSINESS UNIT;
MCCONNAUGHEY TO HEAD MAYTAG SERVICES
NEWTON, IOWA--(Nov. 16, 2005)--Maytag Corporation (NYSE: MYG) today announced
two key organizational changes.
Arthur B. Learmonth, President of Maytag Services business unit, is
promoted to the position of Acting President for Maytag Appliances business
unit. Learmonth, 59, will lead Maytag's largest business unit, which
manufactures and markets major appliances and floor care products sold in North
America. David R. McConnaughey, 49, Vice President, Maytag All-Brand Services in
Maytag Services, is promoted to the position of Acting President, Maytag
Services, replacing Learmonth. Maytag Services is the leader in home appliance
repair. It provides repair and maintenance to Maytag brand appliances as well as
other major appliance brands. Both Learmonth and McConnaughey will report
directly to Ralph F. Hake, Maytag chairman and CEO.
Hake said, "Art Learmonth is a talented and proven executive who
brings a wealth of operations experience from his 35-year career working in
manufacturing and supply chain positions. His skills will be invaluable as we
manage through our restructuring initiatives. During his tenure with Maytag
Services, Art and his team have grown the business, experiencing double-digit
revenue increases during the last six quarters. We are pleased that Art will
lead the Appliances organization."
Art Learmonth joined Maytag Appliances in 1997 as Vice President,
Manufacturing and Engineering. He was promoted to Senior Vice President, Supply
Chain in 2003 and then assumed his most recent position at Maytag Services in
2004. Learmonth has been instrumental in instituting the LeanSigma(R) business
management tool at Maytag to develop a lean and highly efficient operation.
Maytag has realized hundreds of millions of dollars in cost savings since the
organization formally implemented its LeanSigma(R) certification program in
2001.
Learmonth began his career in 1970 with the General Motors Harrison
Radiator Division and then G & O Manufacturing Company before moving to
Nippondenso Manufacturing USA, Inc. in 1986 as Vice President
Manufacturing/Operations. He also worked as Vice President,
Operations for York International. He holds a bachelor's degree in business
administration from the University of New Hampshire.
Dave McConnaughey joined Maytag in 1998 as Vice President & General
Manager - Laundry in the Maytag Appliances business unit before moving to Vice
President & General Manager - Amana in 2003. He was appointed to his current
position in Maytag Services in 2004. McConnaughey has held a variety of
management positions for Johnson & Johnson Company, Nippondenso USA and Borg
Warner Automotive. Dave holds a bachelor's degree in management from Spring
Arbor College and an M.B.A. in business from Northwestern University's Kellogg
Graduate School of Management.
Hake also noted, "Dave has been an integral part of Maytag for several
years. Through his contributions in Maytag Services, the business has
diversified its revenue base and grown. I have great confidence in his ability
to step into this senior leadership role and sustain the profitable growth we
have experienced in the Services business."
Maytag Corporation is a leading producer of home and commercial
appliances. Its products are sold to customers throughout North America and in
international markets. The corporation's principal brands include Maytag(R),
Hoover(R), Jenn-Air(R), Amana(R) and Dixie-Narco(R).
MAYTAG ADDITIONAL INFORMATION
This document includes statements that do not directly or exclusively relate to
historical facts. Such statements are "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. These forward-looking statements speak only as
of this date and include statements regarding anticipated future financial
operating performance and results. These statements are based on the current
expectations of management of Maytag. There are a number of risks and
uncertainties that could cause actual results to differ materially from the
forward-looking statements included in this document. For example, with respect
to the transaction with Whirlpool (1) Maytag may be unable to obtain shareholder
approval required for the transaction; (2) conditions to the closing of the
transaction may not be satisfied or the merger agreement may be terminated prior
to closing; (3) Maytag may be unable to obtain the regulatory approvals required
to close the transaction, or required regulatory approvals may delay the
transaction or result in the imposition of conditions that could have a material
adverse effect on Maytag or cause the parties to abandon the transaction; (4)
Maytag may be unable to achieve cost-cutting goals or it may take longer than
expected to achieve those goals; (5) the transaction may involve unexpected
costs or unexpected liabilities; (6) the credit ratings of Maytag or its
subsidiaries may be different from what the parties expect; (7) the businesses
of Maytag may suffer as a result of uncertainty surrounding the transaction; (8)
the industry may be subject to future regulatory or legislative actions that
could adversely affect Maytag; and (9) Maytag may be adversely affected by other
economic, business, and/or competitive factors. Additional factors that may
affect the future results of Maytag are set forth in
its filings with the Securities and Exchange Commission ("SEC"), which are
available at http://www.maytagcorp.com. Maytag undertakes no obligation to
publicly update or revise any forward-looking statements, whether as a result
of new information,future events or otherwise.
ADDITIONAL INFORMATION RELATING TO THE PROPOSED MERGER AND WHERE TO FIND IT
Whirlpool and Maytag have filed a preliminary prospectus/proxy statement with
the SEC in connection with the proposed transaction. Investors are urged to read
the preliminary prospectus/proxy statement, and any other relevant documents
filed or to be filed by Whirlpool or Maytag, including the definitive
prospectus/proxy statement when available, because they contain or will contain
important information. The preliminary prospectus/proxy statement is, and other
documents filed by Whirlpool and Maytag with the SEC are, available free of
charge at the SEC's website (http://www.sec.gov) or from Whirlpool by directing
a request to Whirlpool Corporation, 2000 North M-63, Mail Drop 2800, Benton
Harbor, MI 49022-2692, Attention: Larry Venturelli, Vice President, Investor
Relations. Neither this communication nor the preliminary prospectus/proxy
statement constitutes an offer to sell or the solicitation of an offer to buy
Whirlpool common stock in any jurisdiction outside the United States where such
offer or issuance would be prohibited -- such an offer or issuance will only be
made in accordance with the applicable laws of such jurisdiction.
Whirlpool, Maytag and their respective directors, executive officers, and other
employees may be deemed to be participating in the solicitation of proxies from
Maytag stockholders in connection with the approval of the proposed transaction.
Information about Whirlpool's directors and executive officers is available in
Whirlpool's proxy statement, dated March 18, 2005, for its 2005 annual meeting
of stockholders. Information about Maytag's directors and executive officers is
available in Maytag's proxy statement, dated April 4, 2005, for its 2005 annual
meeting of stockholders. Additional information about the interests of potential
participants is included in the preliminary prospectus/proxy statement Whirlpool
and Maytag filed with the SEC.
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