Jerry W. Levin
Encyclopedia
Jerry W. Levin, born in 1944, is an American businessman.
Levin is an experienced CEO, turnaround expert and mergers & acquisitions specialist. He has been growing the sales and profits of branded consumer products companies for the past 30 years via internal product development programs, restructurings, acquisitions, and cultural improvements. Levin is currently Chairman and Chief Executive Officer of Wilton Brands Inc., Chairman and Chief Executive Officer of JW Levin Partners LLC and serves on the board of directors of Ecolab
(NYSE: ECL); Saks
(NYSE: SKS); U.S. Bancorp
(NYSE: USB)
, Green Giant
, Totino's Pizza, Steak & Ale, Chart House, and American Beauty Macaroni. Levin also became the Chief Executive Officer of several operating units within Pillsbury, including Haagen-Dazs
and the second largest restaurant group in the U.S. (comprising Burger King
, Steak & Ale, Bennigan's
, Chart House, and Godfather's Pizza
).
, Inc. When Levin joined Revlon, it was suffering from significant losses and debt load, and had a number three, and declining, market share in the United States mass market for color cosmetics. By the end of Levin’s tenure as Chief Executive Officer of Revlon
, Revlon
was restructured with its debt load significantly reduced and the number one market share in the United States mass market for color cosmetics. Levin oversaw the divestiture of non-strategic businesses, and the development and launch of several new products and brands, including Colorstay.
), the holding company for Coleman
, Sunbeam Products
, Inc., Coleman Powermate, Inc., and First Alert
, Inc. Levin was hired by the Board of Directors of Sunbeam after the termination of Al Dunlap with Sunbeam facing numerous significant financial, operational and legal issues. Levin restructured Sunbeam’s operations during 1999 and 2000, and in 2001, in order to restructure Sunbeam’s finances, Levin led Sunbeam through a chapter 11 restructuring. American Household, Inc., was sold in two separate transactions during 2004 and at the time of its sale, its businesses were the leading or one of the leading businesses in the markets they served.
On April 10, 2008, Levin resigned as a member and Chairman of the Board of the company to pursue participating with other investors to acquire some or all of the company’s businesses or assets.[14][15] through JWL Partners Acquisition Corp., a SPAC, or special purpose acquisition company, submitted an IPO filing. The filing showed $200 million proceeds targeted. The underwriting group was listed as Credit Suisse and Ladenburg Thalmann & Co. They applied to list under the ticker “JWL.U” on the American Stock Exchange. The filing stated that the blank check corporation intended to acquire or acquire control of one or more businesses.[19][20] On December 22, 2008, however, JWL Partners Acquisition withdrew its IPO due to poor market conditions, and the faltering U.S. and Global economies.[21]
Past Positions - American Household, Inc; IdeaVillage Products Corp; JWL Partners Acquisition Corp; Meridian Sports, Inc; Revlon Holdings LLC, Revlon, Inc. (NYSE:REV); Sharper Image Corp. (OTCPK:SHRP.Q); Sunbeam Products, Inc; The Coleman Company, Inc; The Cosmetic Center Inc; U.S. Bancorp (NYSE:USB); United Way of New York City; Wendy's International, Inc.
First engaged in UJA-Federation activities in 1991, Levin moved through a variety of capacities from Chair of the Marketing Committee, to Chair of the Financial Resource Development Strategic Committee, to General Campaign Chair, and finally to Chair of the Board, all demonstrating the critical impact of his business acumen and expertise as a top turn-around expert in private industry in his major philanthropic endeavors. Levin is a major contributor, always in the forefront of committing his resources and money when needed. He has been instrumentally involved in speaking on behalf of UJA, reaching out to affinity groups and donors, articulating needs and developing relationships. Levin is a strong motivator and well-respected businessman always willing to use his influence for the betterment of UJA-Federation. He has served on a vast array of committees, including the Nominating Committee, Appropriations Committee, Executive Committee, Public Affairs Committee, Campaign Steering Committee, Finance Committee and more.
As Chair of the Board, Mr. Levin is the leader of UJA-Federation’s Annual Campaign. At the opening event of 2008, held in late September, after financial crises occurred in many Wall Street financial institutions, $43 million was raised, exceeding last years’ efforts by $2 million.
as CEO, who later also resigned as chairman.
Levin then served as interim CEO of Sharper Image from September 2006 until April 2007. In that position his compensation was $750,000. CNET News reported that for years, Sharper Image's "management failed miserably at trying to turn the company around," not just during Levin's tenure.
Motley Fool
published an article on March 17, 2007, with a section entitled "Sharper Image's dull deal," in which it scrutinized and criticized the Sharper Image's compensation arrangement with Levin, despite the fact that compensation and employment also covered other personnel from JW Levin Partners LLC, not just Levin. The article reported:
Less than a year later, on February 19, 2008, the company filed for Chapter 11
bankruptcy
. It blamed low sales, aggravated by a decline in consumer spending
and negative publicity surrounding its Ionic Breeze air purifier
s, dating years back to Thalheimer's leadership time.
On April 10, 2008, Levin resigned as a member and Chairman of the Board of the company to pursue participating with other investors to acquire some or all of the company’s businesses or assets. But, as has been pointed out,
) at the time of his departure, on the over-the-counter pink sheets
.
On February 8, 2008, directly before he announced the Sharper Image bankruptcy filing, JWL Partners Acquisition Corp., a SPAC, or special purpose acquisition company
, submitted an IPO filing. The filing showed $200 million proceeds targeted. The underwriting group was listed as Credit Suisse
and Ladenburg Thalmann
. They applied to list under the ticker “JWL.U” on the American Stock Exchange
. The filing stated that the blank check
corporation intended to acquire or acquire control of one or more businesses. On December 22, 2008, however, JWL Partners Acquisition withdrew its IPO due to poor market conditions, and the faltering U.S. and Global economies.
Levin is an experienced CEO, turnaround expert and mergers & acquisitions specialist. He has been growing the sales and profits of branded consumer products companies for the past 30 years via internal product development programs, restructurings, acquisitions, and cultural improvements. Levin is currently Chairman and Chief Executive Officer of Wilton Brands Inc., Chairman and Chief Executive Officer of JW Levin Partners LLC and serves on the board of directors of Ecolab
Ecolab
Ecolab, Inc. is a St. Paul, Minnesota based sanitation supply company founded in 1923.The company provides sanitation and pest control supplies, foodservice equipment repair and parts, food safety services and consulting to restaurants, hospitals, food and beverage plants, laundries, schools,...
(NYSE: ECL); Saks
Saks Incorporated
Saks Incorporated , founded in Birmingham, Alabama in 1998, is headquartered in New York City, New York, and is a Fortune 1000 operator of high-end department stores in the United States under the nameplate Saks Fifth Avenue. Saks evolved from Proffitt's Inc. after Proffitt's changed its name in...
(NYSE: SKS); U.S. Bancorp
U.S. Bancorp
U.S. Bancorp is a diversified financial services holding company, headquartered in Minneapolis, Minnesota. It is the parent company of U.S. Bank, the fifth largest commercial bank in the United States based on $330 billion in assets. U.S. Bank ranks as the sixth largest bank in the U.S. based on...
(NYSE: USB)
Pillsbury
From 1974-1989, Levin worked for the Pillsbury Company. In his initial capacity as head of corporate development, Levin completed hundreds of mergers, acquisitions and divestitures. Some of the transactions he led included Haagen-DazsHäagen-Dazs
Häagen-Dazs is a brand of ice cream, established by Jewish-Polish immigrants Reuben and Rose Mattus in the Bronx, New York, in 1961. Starting with only three flavors: vanilla, chocolate, and coffee, the company opened its first retail store in Brooklyn, New York, on November 15, 1976...
, Green Giant
Green Giant
Green Giant and Le Sueur are brands of frozen and canned vegetables owned by General Mills. The mascot of Green Giant is the Jolly Green Giant....
, Totino's Pizza, Steak & Ale, Chart House, and American Beauty Macaroni. Levin also became the Chief Executive Officer of several operating units within Pillsbury, including Haagen-Dazs
Häagen-Dazs
Häagen-Dazs is a brand of ice cream, established by Jewish-Polish immigrants Reuben and Rose Mattus in the Bronx, New York, in 1961. Starting with only three flavors: vanilla, chocolate, and coffee, the company opened its first retail store in Brooklyn, New York, on November 15, 1976...
and the second largest restaurant group in the U.S. (comprising Burger King
Burger King
Burger King, often abbreviated as BK, is a global chain of hamburger fast food restaurants headquartered in unincorporated Miami-Dade County, Florida, United States. The company began in 1953 as Insta-Burger King, a Jacksonville, Florida-based restaurant chain...
, Steak & Ale, Bennigan's
Bennigan's
Bennigan's is an Irish pub-themed casual dining restaurant chain with locations throughout the United States, and in 14 countries and 15 territories outside the continental U.S...
, Chart House, and Godfather's Pizza
Godfather's Pizza
Godfather's Pizza is a privately owned restaurant chain headquartered in Omaha, Nebraska that operates fast casual Italian franchises. -History:...
).
Coleman
From 1989 until 1991, Levin was the Chief Executive Officer of The Coleman Company, Inc., or Coleman. During his tenure as Coleman’s Chief Executive Officer, Mr. Levin divested non-strategic businesses and devoted resources to growing the core camping business. Mr. Levin returned as Chief Executive Officer of Coleman from 1997 until the sale of Coleman to Sunbeam Corporation in 1998. During such time, Mr. Levin again refocused Coleman on its outdoor recreation heritage.Revlon
From 1991 until 1997, Levin was the Chief Executive Officer of RevlonRevlon
Revlon is an American cosmetics, skin care, fragrance, and personal care company founded in 1932.-History:Revlon was founded in the midst of the Great Depression, 1932, by Charles Revson and his brother Joseph, along with a chemist, Charles Lachman, who contributed the "L" in the Revlon name...
, Inc. When Levin joined Revlon, it was suffering from significant losses and debt load, and had a number three, and declining, market share in the United States mass market for color cosmetics. By the end of Levin’s tenure as Chief Executive Officer of Revlon
Revlon
Revlon is an American cosmetics, skin care, fragrance, and personal care company founded in 1932.-History:Revlon was founded in the midst of the Great Depression, 1932, by Charles Revson and his brother Joseph, along with a chemist, Charles Lachman, who contributed the "L" in the Revlon name...
, Revlon
Revlon
Revlon is an American cosmetics, skin care, fragrance, and personal care company founded in 1932.-History:Revlon was founded in the midst of the Great Depression, 1932, by Charles Revson and his brother Joseph, along with a chemist, Charles Lachman, who contributed the "L" in the Revlon name...
was restructured with its debt load significantly reduced and the number one market share in the United States mass market for color cosmetics. Levin oversaw the divestiture of non-strategic businesses, and the development and launch of several new products and brands, including Colorstay.
American Household
From June 1998 until January 2005, Levin served as Chairman and Chief Executive Officer of American Household, Inc. (formerly named SunbeamSunbeam Products
Sunbeam Products is an American brand that has produced electric home appliances since 1910. Their products have included the Mixmaster mixer, the Sunbeam CG waffle iron, Coffeemaster and the fully automatic T20 toaster. Sunbeam is owned by Jarden Consumer Solutions after Jarden's acquisition in...
), the holding company for Coleman
Coleman Company
Coleman Company, Inc., is an American company that specializes in outdoor recreation products. Historically, Coleman is known for camping gear....
, Sunbeam Products
Sunbeam Products
Sunbeam Products is an American brand that has produced electric home appliances since 1910. Their products have included the Mixmaster mixer, the Sunbeam CG waffle iron, Coffeemaster and the fully automatic T20 toaster. Sunbeam is owned by Jarden Consumer Solutions after Jarden's acquisition in...
, Inc., Coleman Powermate, Inc., and First Alert
First Alert
First Alert is an American safety brand company, based in Aurora, Illinois. They make carbon monoxide detectors, smoke alarms, fire extinguishers, and other safety products like flashlights and fire escape ladders...
, Inc. Levin was hired by the Board of Directors of Sunbeam after the termination of Al Dunlap with Sunbeam facing numerous significant financial, operational and legal issues. Levin restructured Sunbeam’s operations during 1999 and 2000, and in 2001, in order to restructure Sunbeam’s finances, Levin led Sunbeam through a chapter 11 restructuring. American Household, Inc., was sold in two separate transactions during 2004 and at the time of its sale, its businesses were the leading or one of the leading businesses in the markets they served.
JW Levin Partners & Sharper Image
While at JW Levin Partners, a private management and investment firm, Mr. Levin was Chairman of Sharper Image Corporation from September 2006 to April 2008 and interim Chief Executive Officer of Sharper Image from September 2006 through April 2007. While at Sharper Image, Levin tried to reverse the company's deteriorating financial condition which began years before his tenure. On February 19, 2008, the company filed for Chapter 11 bankruptcy as a result low sales, aggravated by a decline in consumer spending and negative publicity surrounding its Ionic Breeze air purifiers, dating years back to Thalheimer's leadership time.[13]On April 10, 2008, Levin resigned as a member and Chairman of the Board of the company to pursue participating with other investors to acquire some or all of the company’s businesses or assets.[14][15] through JWL Partners Acquisition Corp., a SPAC, or special purpose acquisition company, submitted an IPO filing. The filing showed $200 million proceeds targeted. The underwriting group was listed as Credit Suisse and Ladenburg Thalmann & Co. They applied to list under the ticker “JWL.U” on the American Stock Exchange. The filing stated that the blank check corporation intended to acquire or acquire control of one or more businesses.[19][20] On December 22, 2008, however, JWL Partners Acquisition withdrew its IPO due to poor market conditions, and the faltering U.S. and Global economies.[21]
Board Directorships
Current Positions - Ecolab Inc. (NYSE:ECL) where Levin serves as Lead Director and Chairman of the Governance Committee; U.S. Bancorp where Levin serves as Lead Director and Chairman of the Compensation Committee; JW Levin Partners LLC; Saks Incorporated (NYSE:SKS) where Levin serves as a member of the Audit Committee and the Finance Committee; Wilton Brands, Inc; Levin also serves on the board of The Leon Recanati Graduate School of Business Administration.Past Positions - American Household, Inc; IdeaVillage Products Corp; JWL Partners Acquisition Corp; Meridian Sports, Inc; Revlon Holdings LLC, Revlon, Inc. (NYSE:REV); Sharper Image Corp. (OTCPK:SHRP.Q); Sunbeam Products, Inc; The Coleman Company, Inc; The Cosmetic Center Inc; U.S. Bancorp (NYSE:USB); United Way of New York City; Wendy's International, Inc.
Education
Levin graduated from the University of Michigan with B.S.E. degrees in Electrical Engineering and Mathematics and received an MBA from the University of Chicago in 1968.Philanthropy
Levin has served as the Chair of the Board of the UJA-Federation of New York since 2007. UJA is the world’s largest local philanthropy, serving over 4.5 million individuals in New York, in Israel, and around the world each year through more than 100-health, human-service, educational and community service agencies.First engaged in UJA-Federation activities in 1991, Levin moved through a variety of capacities from Chair of the Marketing Committee, to Chair of the Financial Resource Development Strategic Committee, to General Campaign Chair, and finally to Chair of the Board, all demonstrating the critical impact of his business acumen and expertise as a top turn-around expert in private industry in his major philanthropic endeavors. Levin is a major contributor, always in the forefront of committing his resources and money when needed. He has been instrumentally involved in speaking on behalf of UJA, reaching out to affinity groups and donors, articulating needs and developing relationships. Levin is a strong motivator and well-respected businessman always willing to use his influence for the betterment of UJA-Federation. He has served on a vast array of committees, including the Nominating Committee, Appropriations Committee, Executive Committee, Public Affairs Committee, Campaign Steering Committee, Finance Committee and more.
As Chair of the Board, Mr. Levin is the leader of UJA-Federation’s Annual Campaign. At the opening event of 2008, held in late September, after financial crises occurred in many Wall Street financial institutions, $43 million was raised, exceeding last years’ efforts by $2 million.
Sharper Image
Levin is a former Chairman of Sharper Image Corporation, a specialty retailer, a post he stepped into in September 2006. A few months later, he helped oust founder Richard ThalheimerRichard Thalheimer
Richard Thalheimer is founder, and former CEO and chairman, of The Sharper Image Corporation.-Early life:Thalheimer's family settled in Arkansas before the American Civil War and started a livery business. Thalheimer was raised in Little Rock. After graduating from Hall High School in Little...
as CEO, who later also resigned as chairman.
Levin then served as interim CEO of Sharper Image from September 2006 until April 2007. In that position his compensation was $750,000. CNET News reported that for years, Sharper Image's "management failed miserably at trying to turn the company around," not just during Levin's tenure.
Motley Fool
Motley Fool
The Motley Fool is a multimedia financial-services company that provides financial solutions for investors through various stock, investing, and personal finance products. The Alexandria, Virginia-based private company was founded in July 1993 by co-chairmen and brothers David and Tom Gardner, and...
published an article on March 17, 2007, with a section entitled "Sharper Image's dull deal," in which it scrutinized and criticized the Sharper Image's compensation arrangement with Levin, despite the fact that compensation and employment also covered other personnel from JW Levin Partners LLC, not just Levin. The article reported:
"Worse still is the sweet deal Sharper Image ... gave to interim CEO Jerry Levin. After reporting a 24% decline in same-store sales for February, the ailing retailer effectively doubled his salary.... Let's do the math. Unless Sharper Image hires another CEO before the end of June, Levin will be due $700,000, plus $83,333 for 25 days of service in September. And that's on top of stock options and the $750,000 in cash that he's due per his first contract. But my problem isn't so much with Levin's level of compensation as with his terms. Remember, every dollar of Levin's raise is paid in advance.... Those are extremely generous and unsettling terms."
Less than a year later, on February 19, 2008, the company filed for Chapter 11
Chapter 11, Title 11, United States Code
Chapter 11 is a chapter of the United States Bankruptcy Code, which permits reorganization under the bankruptcy laws of the United States. Chapter 11 bankruptcy is available to every business, whether organized as a corporation or sole proprietorship, and to individuals, although it is most...
bankruptcy
Bankruptcy
Bankruptcy is a legal status of an insolvent person or an organisation, that is, one that cannot repay the debts owed to creditors. In most jurisdictions bankruptcy is imposed by a court order, often initiated by the debtor....
. It blamed low sales, aggravated by a decline in consumer spending
Consumer spending
Consumer spending or consumer demand or consumption is also known as personal consumption expenditure. It is the largest part of aggregate demand or effective demand at the macroeconomic level...
and negative publicity surrounding its Ionic Breeze air purifier
Air purifier
An air purifier is a device which removes contaminants from the air. These devices are commonly marketed as being beneficial to allergy sufferers and asthmatics, and at reducing or eliminating second-hand tobacco smoke...
s, dating years back to Thalheimer's leadership time.
On April 10, 2008, Levin resigned as a member and Chairman of the Board of the company to pursue participating with other investors to acquire some or all of the company’s businesses or assets. But, as has been pointed out,
"Levin hasn't made a lot of money for the investors of Sharper Image he's teamed up with so far, including hedge fundUnder Levin, the company's stock price had fallen from about $40 three years prior to about 23 cents (a "paltry" $3.6 million market capitalizationHedge fundA hedge fund is a private pool of capital actively managed by an investment adviser. Hedge funds are only open for investment to a limited number of accredited or qualified investors who meet criteria set by regulators. These investors can be institutions, such as pension funds, university...
Ramius Capital, which helped bring him in as a director, and Clinton Group, which announced a large stake in December."
Market capitalization
Market capitalization is a measurement of the value of the ownership interest that shareholders hold in a business enterprise. It is equal to the share price times the number of shares outstanding of a publicly traded company...
) at the time of his departure, on the over-the-counter pink sheets
Pink Sheets
OTC Markets Group, Inc., informally known as "Pink Sheets", is a private company that provides services to the U.S. over-the-counter securities market including electronic quotations, trading, messaging, and information platforms. According to the U.S. Securities and Exchange Commission, OTC...
.
On February 8, 2008, directly before he announced the Sharper Image bankruptcy filing, JWL Partners Acquisition Corp., a SPAC, or special purpose acquisition company
Special purpose acquisition company
A special-purpose acquisition company is a collective investment scheme that allows public stock market investors to invest in private equity type transactions, particularly leveraged buyouts...
, submitted an IPO filing. The filing showed $200 million proceeds targeted. The underwriting group was listed as Credit Suisse
Credit Suisse
The Credit Suisse Group AG is a Swiss multinational financial services company headquartered in Zurich, with more than 250 branches in Switzerland and operations in more than 50 countries.-History:...
and Ladenburg Thalmann
Ladenburg Thalmann
Ladenburg Thalmann Financial Services, a NYSE Amex-listed company , is a diversified financial services company with two primary business lines: independent brokerage and advisory, and investment banking and capital markets...
. They applied to list under the ticker “JWL.U” on the American Stock Exchange
American Stock Exchange
NYSE Amex Equities, formerly known as the American Stock Exchange is an American stock exchange situated in New York. AMEX was a mutual organization, owned by its members. Until 1953, it was known as the New York Curb Exchange. On January 17, 2008, NYSE Euronext announced it would acquire the...
. The filing stated that the blank check
Blank check
A blank cheque , in the literal sense, is a cheque that has no numerical value written in, but is already signed...
corporation intended to acquire or acquire control of one or more businesses. On December 22, 2008, however, JWL Partners Acquisition withdrew its IPO due to poor market conditions, and the faltering U.S. and Global economies.