October 9, 2023
Current Undergoes Strategic Reorganization
Restructuring results in layoffs, aims for heightened operational efficiency
On Monday, Current implemented a significant reorganization that involved a reduction in its workforce. This move is part of the company's strategic shift to realign its structure, emphasizing enhanced collaboration, top-tier service and the creation of solutions more attuned to customer needs. In a company statement, Current expressed its goal to "create more effective solutions for our customers, provide best-in-class service, enhance productivity”, and cultivate an environment where employees “collaborate, share ideas, and drive best practices."
President & CEO Steve Harris expressed his commitment to the transformation. ”I am pleased to see Current more focused than ever and driving improvements in how we operate," Harris said. "But further changes were needed to better position the company for success. Current has great people. Reorganizing that talent will allow us to leverage that expertise and drive more efficient and best-in-class solutions for our customers."
Reports indicate that the restructuring resulted in the layoff of numerous employees. Notably, no WARN notices, which mandate state reporting for significant layoffs, were reported in South Carolina or Ohio. Both states are home to significant numbers of Current employees, including the company’s present headquarters in Greenville, South Carolina, and its former base in Beachwood, Ohio. This suggests that the reduction in force wasn’t large enough to trigger state reporting requirements.
Over the past two years, Current has experienced a series of notable changes:
-
In February 2022, they acquired Hubbell Lighting’s commercial lighting business, now operating as the Current HLI Brands.
-
The acquisition, combined with the legacy Current GLI Brands business, has reportedly pushed the company’s annual sales past the $1 billion mark, as per their parent company and private equity firm, American Industrial Partners (AIP).
-
In a leadership shuffle, February 2023 saw the departure of then-company CEO Manish Bhandari. Following a brief period under Interim CEO Bill Tolley, Steve Harris transitioned from his CEO position at another AIP-owned portfolio company to assume the role of CEO at Current in May 2023.
-
The company also made significant agency shifts this year. Most prominently, they recently realigned the Current HLI Brands in the South Central US with Bell & McCoy, ending their long-standing relationship with Hossley Lighting and Power Solutions.
With this reorganization, Current may be better positioned to operate in uncertain markets ahead, that many seem to be forecasting as a slightly down commercial industrial North American lighting market in 2024.
