Former Fluor CFO Heading up Maytag
Ralph F. Hake, Fluor Corp. executive vice president and chief financial officer, has taken over as chairman and chief executive of Maytag Corp., the Newton, Iowa-based appliance maker.
Hake, 52, spent 12 years at Maytag rival Whirlpool Corp. before joining Aliso Viejo-based Fluor. Hake takes over for Leonard Hadley, who came out of retirement last November to lead Maytag on an interim basis. Hadley stepped in when Lloyd Ward resigned after what the company said were differences with the board over strategy and direction.
Under Hadley, Maytag has focused on a premium brand strategy, something Hake said he intends to continue doing. One of the challenges for Hake will be integrating Maytag’s planned $325 million acquisition of rival Amana Appliances from Houston-based Goodman Global Holding Co. He’ll also have to deal with slowing sales: last month, Maytag warned that second-quarter results would come in well below already-lowered expectations. n
