New York, New York, July 2, 2007... In line with the Company's previously announced succession plan, Colgate-Palmolive Company (NYSE:CL) announced today that effective July 1, 2007, Ian Cook has been elected President and Chief Executive Officer and a member of the Company's Board of Directors.
Mr. Cook, 55, joined Colgate in the United Kingdom in 1976 and progressed through a series of senior management roles around the world. He became Chief Operating Officer in 2004, with responsibility for operations in North America, Europe, Central Europe, Asia and Africa. In 2005, Mr. Cook was promoted to President and Chief Operating Officer, responsible for all Colgate operations worldwide.
Mr. Cook's appointment coincides with Reuben Mark's retirement as Chief Executive Officer, a position he held since 1984. At the Board's request, Mr. Mark will remain as Chairman of the Company's Board of Directors for a period of up to 18 months after July 1, 2007.
Reuben Mark, Chairman said, "This action reflects the happy result of a long-term succession plan and a detailed timetable developed and long agreed to by Colgate's Board of Directors. Ian Cook is a truly outstanding Colgate leader with three decades of experience with the Company. He has lived and worked all around the world building Colgate's businesses. For the past three years, he has worked closely with other Colgate leaders to develop and implement the business strategy that is now so successful. We all have complete confidence in him and the Company's next generation of leaders."
Ian Cook, President and CEO said, "I look forward to working with all Colgate people to continue Colgate's long history of profitable growth achieved under Reuben's leadership. The combination of our successful business strategy and an extraordinarily talented and dedicated team around the world makes me very excited about our future."
About Colgate-Palmolive: Colgate-Palmolive is a leading global consumer products company, tightly focused on Oral Care, Personal Care, Home Care and Pet Nutrition. Colgate sells its products in over 200 countries and territories around the world under such internationally recognized brand names as Colgate, Palmolive, Mennen, Softsoap, Irish Spring, Protex, Sorriso, Kolynos, Elmex, Tom's of Maine, Ajax, Axion, Soupline, and Suavitel, as well as Hill's Science Diet and Hill's Prescription Diet. For more information about Colgate's global business, visit the Company's web site at http://www.colgate.com.
This press release may contain forward-looking statements. Such statements may relate, for example, to sales or volume growth, profit growth, earnings growth, financial goals, cost-reduction plans, estimated charges and savings associated with the 2004 Restructuring Program and new product introductions. These statements are made on the basis of our views and assumptions as of this time and we undertake no obligation to update these statements. We caution investors that any such forward-looking statements are not guarantees of future performance and that actual events or results may differ materially from those statements. Investors should consult the Company's filings with the Securities and Exchange Commission (including the information set forth under the caption "Risk Factors" in the Company's Form 10-K for the year ended December 31, 2006) for information about factors that could cause such differences. Copies of these filings may be obtained upon request from the Company's Investor Relations Department or the Company's web site at http://www.colgate.com.