Colgate-Palmolive Co said on Monday it has named Noel Wallace as its chief executive officer, replacing Ian Cook who has led the company since 2007.
Wallace, 54, will take over on April 2 and Cook will serve as an executive chairman for a period of up to 12 months to oversee the transition, the company said.
Colgate's incoming CEO has been with the company since 1987 and held several positions, most recently as its chief operating officer.
“Noel is a truly outstanding leader who is extremely well-prepared to lead Colgate after a highly successful 32-year career guiding Colgate businesses all around the world,” Cook said.
“Over the last decade, his senior leadership roles have demonstrated his expertise in formulating and executing global strategy and in guiding operational performance.
“He is exactly the right leader to take the reins as Colgate’s CEO now. He and the Company’s next generation of leaders have my complete confidence.”
Wallace's appointment comes at a time the company has been struggling to boost profit amidst increasing costs of raw material and a stronger U.S. dollar.
“With our innovation and growth strategy generating renewed momentum and a highly energised team of Colgate leaders around the world, I am extremely excited about our future,” Wallace added.
“I look forward to working with all Colgate people as we enter a new phase of growth, taking full advantage of our longstanding strengths and developing new ones to seize emerging opportunities."