Reuben Mark, the long-serving chief executive of Colgate-Palmolive, has announced he is stepping down this summer. His departure was revealed as the personal care company reported a 50% rise in profits for the first quarter of the year.
Mark, who has been the chief executive since 1984, will be replaced by president and chief operating officer Ian Cook. Mark retires on July 1, but he will continue with the compay as†chairman for 18 months.
The company, which is in the middle of a four-year restructuring programme announced in late 2004, posted a rise in profits of $486.6m from $324.5m a year earlier. The consumer products company’s earnings rose 13% matching forecasts. Revenue rose 12% to $3.2bn, topping analysts’ projections.