TOLEDO, Ohio-Glassmaker Libbey has devised a new strategic plan that it says will reduce costs, accelerate growth and improve its financial structure.
The goal of the new plan is to increase Libbey’s efficiency, “better leveraging its key lines of business, improving service to customers and maximizing market opportunities,” the company said in a statement this morning.
“We are taking the necessary steps to ensure Libbey thrives in today’s competitive market,” said CEO Stephanie A. Streeter. “This new strategy will build on Libbey’s long legacy and many strengths, and improve the company’s competitive position to realize new opportunities across our business.”
The strategic plan will focus on reducing costs in North America, including reducing selling, general and administrative expenses; maximizing its foodservice leadership in the U.S. and Mexico as well as its Mexican retail business; increasing its profitability in Europe and accelerating growth in China.
Libbey has created a new leadership structure, organized into three regions. The Americas will be led by Daniel Ibele, named vice president and general manager for the United States and Canada; and Salvador Minarro, named vice president and general manager of Mexico and Latin America. Ibele was formerly vice president of global sales and marketing. Minarro has been the general manager of Libbey Mexico.
The company is conducting a search for a general manager for the Europe, Middle East and Africa region. Gary Moreau has been appointed vice president and general manager of Asia Pacific. He formerly served as the general manager of Libbey China.
Ibele, Minarro and Moreau all report to Streeter.
“Libbey is a global company; however, the needs of our customers and suppliers vary by market,” Streeter said. “By aligning regionally, Libbey will be in a stronger position to serve customers across the globe.”
As a result of the reorganization, Libbey will eliminate approximately 5 percent of its global managerial, professional and administrative workforce. Libbey said it is providing those impacted workers with severance benefits and outplacement assistance.
The strategic plan will be coordinated through a newly established strategy program management office led by former Libbey chief financial officer Richard Reynolds. As reported earlier this week, Libbey named Sherry Buck to succeed Reynolds.