Business Context and Reporting Period
This Form 8-K Current Report was filed by Colgate-Palmolive Company on December 9, 2010. The filing addresses significant changes in executive leadership, specifically the departure of the Chief Financial Officer and the appointment of a successor.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel changes and does not contain financial performance data.
Material Changes
- Departure of CFO: Stephen C. Patrick notified the Company of his decision to retire as Chief Financial Officer effective December 31, 2010, following more than 28 years of service.
- Transition Plan: Mr. Patrick will assume the role of Vice Chairman effective January 1, 2011, and will fully retire from the Company on March 1, 2011.
- Appointment of New CFO: The Board of Directors elected Dennis J. Hickey, currently Vice President and Corporate Controller, as Chief Financial Officer effective January 1, 2011.
- Continued Role: Mr. Hickey will continue to serve as Corporate Controller until a successor is named.
Guidance, Outlook, and Compensation
The filing contains no guidance, outlook, or management commentary regarding future financial performance or risks. Regarding compensation, the Personnel and Organization Committee granted Mr. Hickey an award of 20,000 shares of restricted stock under the Company's 2009 Executive Incentive Compensation Plan in connection with his election as CFO.
Key Facts for Investor Verification
- Confirm the exact effective dates for the CFO transition (January 1, 2011) and the full retirement of the outgoing CFO (March 1, 2011).
- Verify the details of the 20,000 restricted stock award granted to the new CFO.
- Monitor future filings for the appointment of a successor to the Corporate Controller role currently held by Mr. Hickey.