Business Context and Reporting Period
This Form 8-K Current Report was filed by The Clorox Company on July 18, 2006. The filing primarily addresses corporate governance changes regarding the Board of Directors and the appointment of principal officers.
Key Financial Metrics
The filing does not provide standard financial performance metrics such as revenue, profit, cash flow, margins, debt, or liquidity. The only financial figure disclosed relates to executive compensation benefits.
- Executive Benefits: Approximately $225,000 in total value approved for former Chairman and CEO Gerald E. "Jerry" Johnston.
- Payment Terms: Benefits to be paid out over a three-year period.
Material Changes
The material change reported is the departure of a director and the approval of associated benefits:
- Board Departure: Gerald E. Johnston notified the Company of his decision to retire from the Board of Directors, effective immediately on July 19, 2006.
- Context: Mr. Johnston had previously retired from his positions as Chairman and CEO in May 2006 to focus on his health and family following a heart attack in March 2006.
- Compensation Approval: On July 18, 2006, the Management Development and Compensation Committee approved the aforementioned benefits package in recognition of his service.
Guidance, Outlook, and Risks
The filing text does not provide guidance, outlook, management commentary on future operations, or specific risk factors. The document is limited to reporting the specific event of the director's departure and the associated benefit agreement.
Key Facts for Investor Verification
- Verify the effective date of Gerald E. Johnston's retirement from the Board (July 19, 2006).
- Confirm the total value of the approved benefits package ($225,000) and the three-year payout schedule.
- Review Exhibit 10.1 for the detailed summary of benefits.
- Note that this filing does not contain updated financial results or operational guidance.