Church & Dwight Co., Inc. (NYSE: CHD) has announced a change in leadership, with Richard Dierker set to be promoted to President and Chief Executive Officer (CEO) effective March 31, 2025. This comes after a unanimous vote by the board of directors. Dierker, who has been with the company for 15 years, will also be elected to the board of directors.
The current President and CEO, Matthew Farrell, will continue to serve in his role until the transition date and will then continue as Chairman of the Board for a transition period. Under Farrell's leadership, the company's market cap has more than doubled to over $25 billion with industry-leading TSR. Additionally, the company has successfully integrated value-accretive acquisitions.
The board expressed gratitude for Farrell's contributions and emphasized his role in driving the company's growth and success. They also expressed confidence in Dierker's ability to lead the company into the future, citing his strategic thinking, leadership skills, and passion for execution.
Dierker, who currently serves as the Chief Financial Officer (CFO) and head of operations, has been closely involved in developing the company's strategy and key operational aspects over the last decade. The board unanimously concluded that Dierker is the right leader to evolve the company's successful model and carry it forward. They highlighted his ability to get to the heart of issues and drive execution, as well as his trust and respect within the company and the investment community.
Farrell endorsed Dierker's appointment, stating that he is uniquely positioned to be the next CEO due to his strategic thinking, leadership skills, and passion for execution. Dierker expressed his honor at the opportunity to lead the company and his commitment to creating shareholder value through innovation, technology, and accretive acquisitions.
Church & Dwight, founded in 1846, is the leading U.S. producer of sodium bicarbonate (baking soda) and also manufactures and markets a wide range of personal care, household, and specialty products under recognized brand names such as Arm & Hammer, Oxiclean, Vitafusion, Batiste, Waterpik, TheraBreath, and Hero. These seven key brands represent approximately 70% of the company's product sales.
The press release did not include specific financial metrics or comparisons to the previous period. Following these announcements, the company's shares moved 1.1%, and are now trading at a price of $105.22. Check out the company's full 8-K submission here.
