Colgate-Palmolive Names Operating Chief Noel Wallace as CEO
February 11 2019 - 7:18PM
Dow Jones News
By Patrick Thomas
Colgate-Palmolive Co. (CL) on Monday named company veteran Noel
Wallace as its next chief executive, succeeding Ian Cook, who
served in the role for more than a decade.
Mr. Wallace, 54 years old, will become CEO and president April 2
after serving as the company's operating chief since July of last
year. He joined the company in 1987 and prior to being COO, headed
Colgate's Latin America, global innovation and toothbrush
divisions.
Mr. Cook, 66 years old, is currently chairman and will move into
the role of executive chairman for a year to help with the
transition, the company said.
The New York consumer-products company said the succession plan
had started more than two years ago. In 2016, Colgate promoted P.
Justin Skala and Mr. Wallace to operating officer roles. Mr. Skala
oversaw operations in North America, Europe, Africa and global
sustainability, while Mr. Wallace was in charge of global
innovation and growth, and Hill's pet food line. Mr. Skala took
over as chief growth and strategy officer last year.
Colgate historically has been deliberate in its grooming of
future CEOs. Mr. Cook, who has been with the company for more than
40 years, was picked as the likely successor to former CEO Reuben
Mark.
In a securities filing, the company said it has yet to enter
into any new compensation arrangement with Mr. Cook or Mr. Wallace.
Mr. Cook's total compensation was about $15.3 million in 2017 and
Mr. Wallace made $3.5 million, according the company's 2018 proxy
statement.
"Noel is a truly outstanding leader who is extremely
well-prepared to lead Colgate after a highly successful 32-year
career guiding Colgate businesses all around the world," Mr. Cook
said in a statement. "Over the last decade, his senior leadership
roles have demonstrated his expertise in formulating and executing
global strategy and in guiding operational performance."
The company's stock remained unchanged in after-hours trading
Monday. Shares are down about 5% over the last year.
(END) Dow Jones Newswires
February 11, 2019 19:03 ET (00:03 GMT)
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