Business Context and Reporting Period
This Form 8-K filing by Colgate-Palmolive Company (Colgate) was submitted on September 10, 2015, reporting an event that occurred on September 9, 2015. The filing addresses corporate governance changes, specifically the election of a new director to the Board of Directors.
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 director compensation arrangements rather than financial performance.
Material Changes
The primary material change reported is the election of Ms. Lorrie Norrington to the Colgate Board of Directors. Ms. Norrington brings over 30 years of operational leadership experience, including significant tenure at eBay, Intuit, and General Electric, with expertise in technology, e-commerce, and consumer software.
Guidance, Outlook, and Compensation
Ms. Norrington will be compensated in accordance with Colgate's director compensation program for non-employee directors. The standard annual compensation package includes:
- An annual cash retainer of $55,000.
- An annual award of shares of common stock equal in value to $180,000.
- An annual grant of options to purchase shares of common stock equal in value to $45,000.
Ms. Norrington's cash retainer and other awards for 2015 will be prorated to reflect her service period during the year. The filing does not contain management commentary on financial guidance, risks, or contingencies.
Key Facts for Investor Verification
- Ms. Lorrie Norrington was elected to the Board on September 9, 2015.
- Her background includes senior roles at eBay (President of Global Marketplaces), Intuit, and General Electric.
- Her 2015 compensation will be prorated based on the date of her election.
- Full details of the director compensation program are referenced in the proxy statement filed on March 25, 2015.