Newell Brands Inc. (NYSE: NWL) shares shot up on Monday after the company announced that it would be shuffling the deck at the executive level.

The company announced that it will be appointing Christopher H. Peterson as executive vice president and chief financial officer (CFO). Management sees this move as further strengthening the Newell Brands leadership team as part of the company’s Accelerated Transformation Plan.

Peterson’s appointment is effective December 3 and he will report to the company’s president and CEO, Michael Polk.

The company previously announced the current executive vice president and CFO, Ralph Nicoletti, has plans to retire at the close of 2018.

Over the past 25 years, Peterson has held key senior executive roles at Procter & Gamble, Ralph Lauren and most recently Revlon, where he was chief operating officer.

Polk commented:

I am very pleased to have Chris Peterson join Newell Brands and my leadership team as Chief Financial Officer. His extensive experience in financial operations and as a public company CFO, coupled with his background in large-scale transformations, will strengthen our team as we drive Newell Brands’ Accelerated Transformation Plan to completion. I’d like to welcome Chris to Newell and look forward to partnering with him and the broader leadership team to build a simpler, faster, and stronger Newell Brands that creates significant value for shareholders.

Shares of Newell were last seen up about 6% at $23.14, in a 52-week range of $15.12 to $32.58. The consensus analyst price target is $23.27.

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