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Jeff Fettig to step down as CEO of Whirlpool, will remain chairman

    • Whirpool CEO Jeff Fettig will step down in October.
    • The company's operating chief, Marc Bitzer, will succeed Fettig.
    • Whirpool's market value grew $9 billion during Fettig's 13-year tenure.

    Jeff Fettig will step down as CEO of Whirlpool, the company announced Tuesday. He will remain as chairman.

    Fettig has held both roles since 2004.

    Marc Bitzer, the current president and chief operating officer for the Benton Harbor, Mich.-based company, will succeed Fettig as CEO, effective October 1.

    "I am effectively stepping away from our day-to-day management after 36 years of service and the last 13 as CEO," Fettig said in a statement. "For me, the opportunity to lead Whirlpool during the past two decades has been both an honor and a privilege."

    Fettig first joined Whirlpool as an Operations Associate in 1981, steadily moving through the company's ranks in several managerial positions before his promotion in July 1989 to vice president of marketing for Whirlpool's KitchenAid appliance group.

    Whirlpool's market value nearly tripled during Fettig's time as CEO, from $5 billion to more than $14 billion.

    The company also cited several strategic acquisitions as contributing to its growth during Fettig's tenure — with Maytag and Indesit as the two leading additions made during Fettig's tenure.

    Shares of the company are up 7 percent so far this year.