Colgate-Palmolive CEO Ian Cook leaves post at short notice

  • Push-out Score determined
  • After around 12 years in the position
  • Praise and thanks for Cook
  • Noel Wallace taking over
  • Cook will remain as Executive Chairman at Colgate-Palmolive
  • Cook said 75 words

(exechange) — New York, February 11, 2019 — Ian Cook, chief executive of Colgate-Palmolive, leaves the position. It is a change at short notice. As announced by Colgate-Palmolive Co. in a news release and in a regulatory filing published on Monday, February 11, 2019, Ian M. Cook leaves his post as Chief Executive Officer at the household, health care and personal care products company after around 12 years in the role, effective April 2, 2019.

It is the end of an era.

Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 8.2 years, according to data compiled by exechange. Only 32 percent of the CEOs who departed over the past 12 months left the position after more than 10 years.

Ian Cook’s duties will be taken over by Noel R. Wallace, currently President and Chief Operating Officer of Colgate-Palmolive Company.

“Well-established long-term succession planning process”

Ian Cook’s imminent departure from the CEO post is explained as follows. Colgate-Palmolive said: “In line with the Company’s well-established long-term succession planning process, Colgate-Palmolive Company … announced today that, effective April 2, 2019, Noel Wallace has been elected President and Chief Executive Officer and a member of the Company’s Board of Directors.”

Cook will remain as Executive Chairman at Colgate-Palmolive

“Ian Cook will serve as Executive Chairman, also effective on April 2, 2019, for a period of up to twelve months in connection with the leadership transition,” Colgate-Palmolive said.

Share price increase since January 2007

The announcement follows an increase in Colgate-Palmolive Company’s share price of 97 percent since January 2007.

In the position of CEO since 2007

Cook has been President and Chief Executive Officer of Colgate since July 2007 and Chairman of the Board since January 2009.

Cook began his career at Colgate in 1976 and progressed through a series of senior marketing and management roles around the world.

He was appointed Chief Operating Officer in 2004, with responsibility for operations in North America, Europe, Central Europe, Asia and Africa, and, in 2005, he was promoted to President and Chief Operating Officer, responsible for all Colgate operations worldwide.

Push-out Score determined

The Push-out Score™ determined by exechange gauges the likelihood that a manager was pushed out or felt pressure to leave the position.

exechange reached out to Colgate-Palmolive and offered the company the opportunity to comment on the score.

Read the full story in the exechange report 7.2019 ($).