Colgate CEO Has No Plans to Retire

Reuben Mark, the 64-year-old chairman and chief executive of New York-based household and personal care products maker Colgate-Palmolive Co., is not ready to leave the company yet, according to a Reuters report.

“I have no specific retirement plans,” Mr. Mark said in answer to questions at an analysts’ meeting in Scottsdale, AZ, where, in stark contrast to many CEOs, he tossed off one-liners and had an extended question and answer period that lasted about 45 minutes. “One of my concerns is that it’s a little late to do something else with my life,” Mr. Mark quipped.

He also said that when he does leave the company, sometime down the road, Colgate has several strong internal candidates to replace him. “My sense is the stability that has characterized Colgate will continue,” he said.

That stability has included eight years without posting any restructuring charges in an industry that has seen most of Colgate’s major competitors take significant “one-time” charges to close factories, lay off employees and exit underperforming product lines. Over that period, the company has also averaged solid volume and earnings growth, analysts said. At the same time, it has not made major acquisitions, while some competitors have had problems assimilating acquired businesses.

Colgate also accelerated new product launches in 2002, with 22 items introduced in the U.S., which helped fuel a 4.5% increase in unit volume, a measure of products sold that factors out currency and price fluctuations. The company plans more launches than that in 2003, Mark said, though he did not go into specific detail.