Lifetime Brands names CEO's son as president
Daniel T. Siegel, the inventor of a home S'Mores Maker, has been appointed president of Lifetime Brands Inc., the Garden City-based maker of kitchenware and tabletop products said Monday.
Siegel, 43, is the son of Lifetime's chief executive and chairman, Jeffrey Siegel.
Daniel, a resident of Lloyd Harbor, was formerly executive vice president. He joined Lifetime Brands fresh out of college 20 years ago.
Sales at the company, whose brands include Cuisinart, KitchenAid and Mikasa, have grown from well below $50 million in 1992 to $486.8 million in 2012, Siegel noted.
Lifetime has in that time evolved into an international company targeting markets in Mexico, Brazil, China and the United Kingdom.
"It's incredible to look back," Siegel said. "Now we're an international company with multiple divisions, multiple classifications and multiple brands, and we're managing all of those things."
Although Lifetime Brands is publicly traded, Siegel's family is heavily involved. Siegel, the grandson of one of the company's founders, works a few offices away from his father, who was listed as 70 years old in the company's latest proxy, and who owns 9.1 percent of Lifetime's stock.
"Dan's promotion is part of the company's management succession plan," Jeffrey Siegel said in a statement.
In its most recent quarterly filing, the company reported its sales and profits had dipped, year over year, hurt by the United Kingdom's weak economy and higher European Union duties on ceramic products.
Daniel Siegel, who was featured on several episodes of the Food Network's 2012 program "Invention Hunters," came up with the idea for a S'Mores Maker in 2003. The company's portable Hershey's S'Mores Maker, which is heated with a chafing dish, has partitions to hold chocolate, graham crackers and marshmallows.
Siegel said the company searches for "raw ideas" from outside inventors.
"Some of our best items come from outside inventors," he said. "We have paid hundreds of thousands of dollars in royalties to individuals who have brought us these ideas. If we bring something to market, there's potential to make a lot of money."