CL Colgate Palmolive Co

   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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