Clorox Cleans up in Q4, Names Female CEO
Lisa Rendle, a 17-year veteran of The Clorox Company, was elevated to the role of CEO to fill a position currently held by Benno Dorer who will remain as executive chair.
Rendle currently serves as president and will assume her new role on Sept. 14, ending Dorer’s six year run as CEO of the $6.7 billion company. Prior to her role as president, Rendle was executive vice president of cleaning, international, strategy and operations.
The announcement was made as Clorox reported record results for its fourth quarter, including exceptionally strong sales of its cleaning products.
“Linda will be an excellent CEO, building on her track record of outstanding business results, her strong oversight of the development of the company's IGNITE strategy and her values-led leadership," said Pamela Thomas-Graham, lead independent director of the Clorox board. "Benno has done a tremendous job leading the company through its 2020 Strategy with significant advancements in innovation, superior consumer value, digital consumer engagement, company culture and ESG. During this time, the company has more than doubled total shareholder return while delivering good growth – growth that is profitable, sustainable and responsible. The company is operating effectively during this pandemic, and I'm pleased that Benno will continue to provide strategic guidance as executive chair while he turns toward personal philanthropic activities."
In conjunction with Rendle’s appointment as CEO, Clorox released financial results for its fourth quarter ended June 30. Total sales increased 22% to nearly $2 billion and profits increased 29% to $310 million. Much of the growth was driven by 33% sales growth in the company’s health and wellness business segment that includes cleaning, professional products, vitamins, minerals and supplements.
"I'm pleased that we've delivered a quarter of exceptional results, fueled by strong demand for our products that we've been privileged to provide in support of public health and to serve some of the essential needs of consumers as they've had to stay at home more," Dorer said.