8-KLeadership ChangesExhibits & Filings

COLGATE PALMOLIVE CO 8-K Report, Executive Changes (Jan 12, 2007)

Filed January 12, 2007For Securities:CL

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.

Frequently Asked Questions

Javier G. Teruel, the Vice Chairman, has announced his retirement, which will be effective April 1, 2007.

Mr. Teruel will receive his normal retirement benefits, including a pension estimated at $14.5 million (actuarial present value), and an additional $2.64 million for a consulting and non-compete agreement.

The $2.64 million payment is in exchange for Mr. Teruel's agreement to be available for consultations as needed for three years following his retirement and a commitment not to compete with Colgate-Palmolive during that same three-year period.

Yes, the filing includes a press release dated January 12, 2007, as an exhibit, which likely provides further details on Mr. Teruel's retirement and transition.