UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
_____________
FORM 8-K
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) January 12, 2007
COLGATE-PALMOLIVE COMPANY
(Exact name of registrant as specified in its charter)
| Delaware | 1-644-2 | 13-1815595 |
| (State or Other Jurisdiction | (Commission | (IRS Employer |
| of Incorporation) | File Number) | Identification No.) |
| 300 Park Avenue, New York, NY | 10022 |
| (Address of Principal Executive Offices) | (Zip Code) |
Registrant's telephone number, including area code (212) 310-2000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a -12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d - -2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e - -4(c))
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Item 5.02.
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Departure of Directors or Principal Officers; Election of Directors; |
| Appointment of Certain Officers; Compensatory Arrangements of | |
| Certain Officers. |
On January 12, 2007, Javier G. Teruel, Vice Chairman of Colgate-Palmolive Company (the “Company”), notified the Company of his decision to retire effective April 1, 2007, after more than 35 years of service with the Company.
Upon his retirement, Mr. Teruel will receive the normal retirement benefits applicable to him under existing Company plans, which include a pension benefit, accumulated over his 35-year tenure, with an actuarial present value of approximately $14.5 million. In addition, the Company intends to enter into an agreement with Mr. Teruel in connection with his retirement providing for a payment to Mr. Teruel upon his retirement in the amount of $2.64 million in exchange for Mr. Teruel’s commitment to remain available to the Company for consultation as needed from time to time during the three years following his retirement and a covenant not to compete with the Company during this period.
Item 9.01. Financial Statements and Exhibits.
| Exhibit Number | Description |
| 99 | Press Release, dated January 12, 2007, issued by Colgate-Palmolive |
| Company | |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Date: January
12, 2007
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COLGATE-PALMOLIVE COMPANY | |
| By: /s/ Andrew D. Hendry | ||
| Name: | Andrew D. Hendry | |
| Title: | Senior Vice President, General Counsel | |
| and Secretary | ||
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EXHIBIT INDEX
| Exhibit Number | Description |
| 99 | Press Release, dated January 12, 2007, issued by Colgate-Palmolive |
| Company | |
4
EXHIBIT 99
Bina Thompson 212-310-3072
Hope Spiller 212-310-2291
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FOR IMMEDIATE RELEASE… |
Colgate Executive Javier Teruel to Retire
New York, New York, January 12, 2007... The Colgate-Palmolive Company (NYSE:CL) today announced that Javier G. Teruel, Vice Chairman, has elected to retire on April 1, 2007 after 35 years of service.
Mr. Teruel made major contributions to Colgate in senior operating and corporate roles around the world. He has served since 2004 as Vice Chairman with responsibility for reviewing and sharpening the Company’s worldwide strategy and implementing Colgate’s successful business building and restructuring program. He has overseen corporate functions including Research & Development, Information Technology, Supply Chain, and Global Procurement, as well as the operations of the Company’s Hill’s Pet Nutrition business. Mr. Teruel began his Colgate career in 1971 in CP-Mexico, the Company’s largest subsidiary outside the U.S., and served as its President from 1993 to 1997, growing sales and profits significantly. Mr. Teruel was President of CP-Europe from 1997 to 2000. He has served since 2005 as a Director of Starbucks Corporation.
Mr. Teruel is returning to his native Mexico. His current responsibilities will be assumed by other senior Colgate executives.
Reuben Mark, Chairman and CEO, commented, "We are extremely grateful for Javier’s many outstanding contributions to Colgate’s long-term success and wish him and his wife Ofé much happiness in the future."
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About Colgate-Palmolive: Colgate-Palmolive is a leading global consumer products company, tightly focused on Oral Care, Personal Care, Home Care and Pet Nutrition. Colgate sells its products in over 200 countries and territories around the world under such internationally recognized brand names as Colgate, Palmolive, Mennen, Softsoap, Irish Spring, Protex, Sorriso, Kolynos, Elmex, Tom’s of Maine, Ajax, Axion, Soupline, and Suavitel, as well as Hill's Science Diet and Hill's Prescription Diet pet foods. For more information about Colgate's global business, visit the Company's web site at http://www.colgate.com.
This press release (other than historical information) may contain forward-looking statements. Actual events or results may differ materially from those statements. Investors should consult the Company's filings with the Securities and Exchange Commission (including the information set forth under the captions “Risk Factors” and “Cautionary Statement on Forward-Looking Statements” in the Company's Form 10-K for the year ended December 31, 2005) for information about factors that could cause such differences. Copies of these filings may be obtained upon request from the Company's Investor Relations Department or the Company’s web site at http://www.colgate.com.