Summary
Colgate-Palmolive Company (CL) announced a significant leadership change within its finance department via an 8-K filing on October 30, 2020. The company elected Stanley J. Sutula III as its new Chief Financial Officer (CFO), effective November 9, 2020. Mr. Sutula brings extensive financial experience, notably his tenure as CFO at Pitney Bowes and over 28 years at IBM in various executive finance roles across the US and Europe. This transition marks the retirement of the current CFO, Henning I. Jakobsen, who will remain until December 31, 2020, to ensure a smooth handover. The filing also details the comprehensive compensation package for Mr. Sutula, including a base salary, annual bonus, significant equity awards (stock options and restricted stock units), and a sign-on bonus to offset benefits foregone from his previous employer. This new CFO appointment is a key strategic move for Colgate-Palmolive as it aims to leverage Mr. Sutula's broad financial expertise in his new role.
Key Highlights
- 1Stanley J. Sutula III appointed as new Chief Financial Officer (CFO), effective November 9, 2020.
- 2Mr. Sutula brings a wealth of experience from previous roles as CFO at Pitney Bowes and over 28 years at IBM.
- 3Current CFO, Henning I. Jakobsen, to retire on December 31, 2020, after assisting with an orderly transition.
- 4Mr. Sutula's compensation package includes a base salary of $850,000, annual bonus opportunities, and substantial equity awards totaling over $3 million.
- 5A one-time sign-on bonus of $100,000 is provided to Mr. Sutula to compensate for foregone benefits from his previous employer.
- 6Mr. Jakobsen will receive severance payments, including an $1,275,000 cash payment representing 18 months of salary, relocation benefits, and lease reimbursements.