|
NEW YORK (AP) - Consumer-products company Colgate-Palmolive Co. said Wednesday its profit slipped 11 percent in the first quarter as charges from a cost-cutting plan launched last year weighed on its bottom-line results.
The New York-based company also said President Bill Shanahan is planning to retire in the third quarter and named Chief Operating Officer Ian M. Cook as his replacement, a move analysts say could be Cook's next step en route to taking over as chief executive.
Amid a cutthroat personal-care market, the maker of Colgate toothpaste and Palmolive detergent was still able to grow sales and reinforce its profit margin despite soaring commodity costs as it battles with rival Procter & Gamble Co.
|