Colgate-Palmolive Taps New CFO As It Navigates High Demand
October 30 2020 - 5:55PM
Dow Jones News
By Mark Maurer
Colgate-Palmolive Co. named a new finance chief as the maker of
Softsoap and Ajax cleanser continues to navigate high demand for
products such as soap and pet food during the coronavirus
pandemic.
The New York-based consumer-products company said Friday it has
appointed Stanley Sutula, effective Nov. 9. Mr. Sutula, who joins
from technology company Pitney Bowes Inc., succeeds Henning
Jakobsen. Mr. Jakobsen, who has been in the role since May 2018,
plans to retire at the end of the year and will assume the role of
senior vice president until then.
At Colgate, Mr. Sutula will likely be tasked with helping to
allocate capital for more advertising spending and product
development, said Erin Lash, an equity analyst at Morningstar
Research Services LLC. The company in recent months has seen strong
demand for health and hygiene products in North America and other
markets.
Colgate on Friday reported $698 million in net income for the
quarter ended Sept. 30, up 20.8% from the prior-year period. Global
net sales grew 5.7% to $4.15 billion, while North American net
sales excluding pet nutrition rose 6.2% to $923 million.
The incoming CFO could play a key role in pursuing acquisitions
to expand the company's geographic position or its existing
distribution channels, Ms. Lash said. In January, Colgate acquired
Hello Products LLC, an oral-care business, for a cash consideration
of $351 million. The company in recent years largely shied away
from large-scale acquisitions.
Mr. Sutula has served as CFO of Pitney Bowes since 2017. The
company leases and services postal meters and presorts mail for
commercial clients. Before that, he spent 28 years at International
Business Machines Corp., where he held positions such as treasurer
and controller.
His experience using data analytics to drive revenue growth
could be useful as Colgate looks to strengthen its digital and
e-commerce operations, said Brennan Clark, a credit analyst at
S&P Global Ratings, the ratings firm.
Mr. Jakobsen, the outgoing CFO, joined Colgate in 1989. He was
instrumental in leading the company's efforts to improve
organizational efficiency, Chief Executive Noel Wallace said
Friday. The company reduced total costs by more than $500 million
as part of a multiyear program that ran from 2012 to 2019.
Colgate did not immediately respond to a request for
comment.
Colin Kellaher contributed to this article.
Write to Mark Maurer at mark.maurer@wsj.com
(END) Dow Jones Newswires
October 30, 2020 17:40 ET (21:40 GMT)
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