Summary
This 8-K filing from Colgate-Palmolive Company (CL) announces a significant change in its senior financial leadership. Stephen C. Patrick, the long-serving Chief Financial Officer, has announced his retirement from the CFO role effective December 31, 2010. He will transition to a Vice Chairman role on January 1, 2011, before retiring entirely from the company on March 1, 2011, after over 28 years of service. To ensure a seamless transition, the Board of Directors has elected Dennis J. Hickey, currently Vice President and Corporate Controller, as the new Chief Financial Officer, effective January 1, 2011. Mr. Hickey, who has a long tenure with the company since 1977, will continue to serve as Corporate Controller until a successor is appointed. In connection with his appointment, Mr. Hickey was granted 20,000 shares of restricted stock.
Key Highlights
- 1Stephen C. Patrick, CFO, announced retirement effective December 31, 2010, following over 28 years with Colgate-Palmolive.
- 2Patrick will serve as Vice Chairman from January 1, 2011, to March 1, 2011, before his final retirement.
- 3Dennis J. Hickey elected as the new Chief Financial Officer, effective January 1, 2011.
- 4Hickey, with the company since 1977, previously held roles including Vice President and Corporate Controller.
- 5Hickey will continue as Corporate Controller until a successor is named.
- 6The Personnel and Organization Committee granted Hickey 20,000 shares of restricted stock.
- 7The stock award is under the company's stockholder-approved 2009 Executive Incentive Compensation Plan.