Summary
This 8-K filing from Colgate-Palmolive Company primarily announces a change in its principal accounting officer and a temporary suspension of trading within its employee savings and investment plans. Henning I. Jakobsen has been elected as the new Vice President and Corporate Controller, effective October 1, 2017, succeeding Victoria Dolan who will transition to Chief Transformation Officer. Mr. Jakobsen brings extensive financial experience within the company and externally. Additionally, the company is undergoing a change in recordkeepers for its Savings and Investment (S&I) Plans. This transition will result in a 'blackout period' from October 30, 2017, to November 6, 2017, during which participants will have limited ability to make investment decisions, obtain loans, or process withdrawals/distributions from their plan accounts. This blackout period also affects trading restrictions for directors and executive officers as mandated by Sarbanes-Oxley Act and related regulations.
Key Highlights
- 1Henning I. Jakobsen appointed as Vice President and Corporate Controller, effective October 1, 2017.
- 2Victoria Dolan transitions from Corporate Controller to Chief Transformation Officer.
- 3Mr. Jakobsen has a strong financial background with Colgate-Palmolive and prior experience as CFO.
- 4Colgate-Palmolive's Savings and Investment (S&I) Plan is changing recordkeepers.
- 5An S&I Plan 'blackout period' will occur from October 30, 2017, to November 6, 2017.
- 6During the blackout period, participants cannot direct or diversify investments, or process loans/withdrawals.
- 7Directors and executive officers face additional trading restrictions during the blackout period due to Sarbanes-Oxley Act.