A turnaround wizard is riding off into the sunset after accomplishing his mission.

Newell Brands CEO Ravi Saligram will retire and step down from the company on May 16, the company told Yahoo Finance. Replacing him will be Newell Brands CFO-turned-President Chris Peterson, who joined the company in 2018 after executive stints at Polo Ralph Lauren and Procter & Gamble.

“It has been a distinct honor leading Newell Brands over the last several years and I am inspired by our talented employees who are passionate, resilient and courageous," Saligram said in a statement. "I am confident that they are committed to making Project Phoenix and our new Segment-based operating model a major success.”

In January, Saligram unveiled a cost-cutting plan dubbed Project Phoenix that will see a 13% reduction in office positions. Newell owns over 100 brands, selling everything from Sharpie pens to Rubbermaid food containers to Coleman camping gear across three segments.

Saligram joined a struggling Newell in July 2019 after leading Ritchie Bros and OfficeMax in the CEO capacity. The company had been hemorrhaging money following an ill-executed $15 billion deal acquisition for Yankee Candle seller Jarden.

The company then came under attack by activist Carl Icahn. By March 2018, CEO Michael Polk had stepped down and Peterson served as acting CEO.

Saligram moved quickly to streamline Newell's sprawling business while also doubling down on product innovation for the company's most important brands despite the debilitating effects of the COVID-19 pandemic in 2020.

From July 29, 2019 (day before Saligram's appointment) to May 3, 2021, the stock soared about 107% as consumers purchased more Newell products as they were stuck at home during the pandemic.

The stock has since come back down to Earth, currently slightly above the price from when Saligram was appointed, as consumers migrated from their homes and inflation in raw materials weighed on Newell's profit margins.