8-KLeadership ChangesOther EventsExhibits & Filings

COLGATE PALMOLIVE CO 8-K Report, Executive Changes (Jun 18, 2018)

Filed June 18, 2018For Securities:CL

Summary

Colgate-Palmolive Company (CL) filed an 8-K report on June 18, 2018, announcing two significant corporate actions. Firstly, the Board of Directors appointed Mr. Philip G. Shotts as Vice President and Controller, making him the principal accounting officer. Mr. Shotts has a long tenure with the company, having been with Colgate-Palmolive since 1990 and previously serving as Vice President and Assistant Controller. Secondly, and of significant interest to investors, the Board also authorized a new share repurchase program. While the specific details and financial commitments of this program are not disclosed in the 8-K itself, the announcement signals the company's intent to return capital to shareholders and potentially reduce the number of outstanding shares. Investors should refer to the press release (Exhibit 99) attached to this filing for further details on the share repurchase authorization.

Key Highlights

  • 1Appointment of Philip G. Shotts as Vice President and Controller, effective immediately.
  • 2Mr. Shotts will assume the role of principal accounting officer.
  • 3Mr. Shotts brings extensive experience, having joined Colgate-Palmolive in 1990 and holding prior senior financial positions.
  • 4The Board of Directors has authorized a new share repurchase program.
  • 5The share repurchase program indicates a commitment to returning capital to shareholders.
  • 6Details of the share repurchase program are available in the press release attached as Exhibit 99.

Frequently Asked Questions

Mr. Philip G. Shotts has been elected as the new Vice President and Controller of Colgate-Palmolive Company. He will also serve as the company's principal accounting officer.

The authorization of a new share repurchase program indicates that the company intends to buy back its own stock from the open market. This can signal management's confidence in the company's valuation, potentially increase earnings per share by reducing the number of outstanding shares, and return capital to shareholders.

Further details regarding the new share repurchase program can be found in the press release dated June 18, 2018, which is attached as Exhibit 99 to this 8-K filing.

Mr. Shotts joined Colgate-Palmolive in 1990 and has held several key financial roles within the company, most recently serving as Vice President and Assistant Controller since 2003.