Summary
Colgate-Palmolive Company (CL) filed an 8-K on January 12, 2007, to announce the retirement of its Vice Chairman, Javier G. Teruel, effective April 1, 2007. Mr. Teruel has had a distinguished career of over 35 years with the company. In connection with his retirement, Mr. Teruel is set to receive standard retirement benefits, including a pension with an estimated present value of $14.5 million. Additionally, the company plans to enter into a consulting and non-compete agreement with Mr. Teruel, providing him with $2.64 million. This payment is in exchange for his availability for consultations for three years post-retirement and a commitment not to compete with Colgate-Palmolive during that same period. The filing also notes the inclusion of a press release as an exhibit.
Key Highlights
- 1Javier G. Teruel, Vice Chairman of Colgate-Palmolive, will retire effective April 1, 2007.
- 2Mr. Teruel has served the company for over 35 years.
- 3Upon retirement, Mr. Teruel will receive normal retirement benefits, including a pension with an approximate actuarial present value of $14.5 million.
- 4Colgate-Palmolive intends to pay Mr. Teruel $2.64 million in connection with his retirement.
- 5This payment is for Mr. Teruel's commitment to provide consultation services for three years post-retirement.
- 6The agreement includes a covenant from Mr. Teruel not to compete with Colgate-Palmolive for three years.
- 7A press release dated January 12, 2007, was filed as Exhibit 99.