Condom maker Church & Dwight's CEO Farrell to step down, will be replaced by CFO
Church & Dwight's CEO Matthew Farrell will step down after nearly 20 years, with CFO Rick Dierker set to take over on March 31. The leadership change comes amid rising prices and consumer hesitancy affecting sales forecasts. Farrell, who has been with the company since 2006, will remain as chairman during the transition.
Sept 16 (Reuters) - Church & Dwight (CHD.N) said on Monday that its CEO Matthew Farrell will step down, ending a nearly two-decade stint at the condom maker, and finance chief Rick Dierker will take over the top executive’s responsibilities.
The executive change comes as consumer goods companies such as Church & Dwight have been hiking their prices in a bid to defend their profit margins against higher costs in recent years.
Last month, the Trojan condom maker said it expects full-year sales and profit at the lower end of its previous forecast due to consumer hesitancy on spending for its higher-priced household and personal care products.
Rick Dierker, who currently serves as CFO will be promoted to the CEO position on March 31 next year. He has held various positions in an over 15-year stint at the Therabreath mouthwash maker, and took over the finance chief role in 2016.
Matt Farrell started out as the company’s CFO in 2006, and has held executive positions at AlliedSignal, which adopted the Honeywell (HON.O) name after taking it over in 1999.
The company said Farrell will continue to serve as chairman of the board for a transition period.
