Panagiotis Tsourapas
Chief Operating Officer, Europe, Asia Pacific, Africa Eurasia, Skin Health & Global Customer Development at 
COLGATE PALMOLIVE
COLGATE PALMOLIVEExecutive
About Panagiotis Tsourapas
Panagiotis (Panos) Tsourapas, age 60, has served as a Colgate-Palmolive executive officer since 2019 and is Group President, Europe and Developing Markets; he was named Chief Operating Officer for Europe, Asia Pacific, Africa Eurasia, Skin Health & Global Customer Development effective June 16, 2025 . His core credentials span a global Colgate career in Customer Development, Marketing, general management and senior leadership roles, with duties broadened in 2020 (Latin America, Asia Pacific, Africa Eurasia), 2022 (including Europe) and 2024 (Global Customer Development), reflecting multi-region execution oversight aligned with Colgate’s strategic growth plan . Colgate’s executive incentives are tied to organic sales growth, EPS, and strategic measures (innovation, consumer experience, inclusion, sustainability), aligning pay with performance; long-term PBRSUs have a three-year cycle with payout adjusted by relative TSR up to ±25% .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Colgate-Palmolive | Group President, Latin America, Asia Pacific & Africa Eurasia | 2020 | Leadership across multiple high-growth regions, expanding remit beyond initial responsibilities |
| Colgate-Palmolive | Group President scope broadened to include Europe | 2022 | Added oversight of Europe, increasing scale and complexity of operations under his leadership |
| Colgate-Palmolive | Scope broadened to include Global Customer Development | 2024 | Led customer development globally, aligning commercial execution and key account strategies |
| Colgate-Palmolive | Chief Operating Officer, Europe/APAC/Africa Eurasia/Skin Health & Global Customer Development | 2025 | Enterprise-level operating role consolidating multi-region and category leadership; effective June 16, 2025 |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary ($) | 876,475 | 908,543 | 947,215 |
| All Other Compensation ($) | 196,333 | 280,998 | 231,069 |
| Total ($) | 3,794,373 | 4,384,932 | 4,479,691 |
Performance Compensation
- Annual bonus program weighting: 80% based on organic sales growth and EPS; 20% strategic initiatives (accelerating innovation, superior consumer experience, inclusion, sustainability), with 2024 strategic measure updates emphasizing disruptive innovation and consumer experience .
- 2024 non-equity incentive payout (actual): $1,332,872 .
- Long-term PBRSUs: three-year cycle; vest upon certification in February following cycle completion; TSR modifier can adjust earned shares ±25% vs a comparison group .
2024 Grants and 2025 Bonus Opportunity
| Award/Metric | Grant/Period | Threshold | Target | Maximum | Other Details |
|---|---|---|---|---|---|
| PBRSUs (#) | 2024–2026 Cycle (granted 3/14/24) | 1,092 | 10,922 | 21,844 | Earn/vest post-2026 with ±25% TSR relative adjustment |
| RSUs (#) | Granted 9/12/24 | — | 3,630 | — | Grant-date fair value $386,014 |
| Stock Options (#) | Granted 9/12/24 | — | 25,563 | — | Exercise price $106.34; grant-date fair value $579,002 |
| 2025 Annual Incentive ($) | Possible payout | 38,301 (Threshold) | 766,018 (Target) | 1,532,036 (Max) | Based on 2025 annual plan metrics |
2024 Realizations
| Award Type | Shares Acquired/Vested (#) | Value Realized ($) |
|---|---|---|
| Option Exercises | 97,227 | 2,297,287 |
| Stock Awards (PBRSUs/RSUs vested) | 19,815 | 2,021,195 |
Upcoming Vesting Schedule (Earned PBRSUs and RSUs)
| Date | PBRSUs (#) | RSUs (#) |
|---|---|---|
| 2/13/25 | 18,601 | — |
| 9/12/25 | — | 1,048 |
| 9/13/25 | — | 1,814 |
| 9/12/26 | — | 1,216 |
| 9/13/26 | — | 1,815 |
| 9/12/27 | — | 1,217 |
Equity Ownership & Alignment
| Ownership Component | Amount |
|---|---|
| Directly owned shares | 60,745 |
| Exercisable options (within 60 days of record date) | 199,415 |
| Savings & Investment Plan shares | 4,438 |
| In-the-money value of options (Exercisable) | $2,823,239 |
| In-the-money value of options (Unexercisable) | $737,228 |
| Unearned PBRSUs at maximum (2023–2025, 2024–2026 cycles) | 27,054 and 21,844, respectively |
- Stock ownership guidelines: non-CEO Named Officers must hold Colgate stock equal to four times salary; executives have five years to comply; all Named Officers are in compliance .
- Hedging and pledging: directors and officers are prohibited from hedging or pledging Colgate stock; all Named Officers complied in 2024 .
Employment Terms
| Scenario (as of 12/31/24) | Severance Payments ($) | Annual Incentive ($) | Stock Options ($) | RSUs ($) | PBRSUs ($) | Benefits ($) |
|---|---|---|---|---|---|---|
| Change in Control with Qualified Termination | 1,864,949 | 1,332,872 | 737,228 | 646,370 | 6,633,157 | 497,930 |
| Involuntary Termination Without Cause | 1,436,285 | 1,332,872 | — | — | — | 40,145 |
| Death | — | 1,332,872 | 737,228 | — | — | — |
| Disability | — | 1,332,872 | 737,228 | — | — | — |
| Retirement | — | 1,332,872 | — | — | — | — |
- Governance features: double-trigger for severance upon change-in-control; no executive officer employment agreements; no tax gross-ups on perquisites or severance; no option repricing/backdating/springloading .
- Clawbacks: mandatory recoupment for restatements; discretionary clawbacks for restatements or Code of Conduct violations; equity awards include non-compete, non-solicit, non-interference—violations can result in forfeiture/cancellation .
- Equity grant timing: annual awards at predetermined times; options not granted within restricted window around earnings; grant price never below closing market price .
Retirement & Deferred Compensation
| Plan | Credited Service (Years) | Present Value/Balance ($) | 2024 Company Contributions ($) | 2024 Earnings ($) |
|---|---|---|---|---|
| Retirement Plan (PRA formula) | 3.58 | 42,977 | — | — |
| Supplemental Retirement Plan | 3.58 | 45,849 | — | — |
| Supplemental Savings & Investment Plan (Nonqualified Deferred Compensation) | — | 1,620,654 (12/31/24 balance) | 187,446 | 81,743 |
Investment Implications
- Pay-for-performance alignment appears robust: 75–90% of target direct compensation is variable; annual bonuses heavily weighted to organic sales/EPS with strategic measures, and long-term PBRSUs tied to multi-year performance with TSR relative adjustment, reducing misalignment risk .
- Upcoming vesting and in-the-money options suggest periodic liquidity windows: earned PBRSUs/RSUs scale across 2025–2027 and exercisable options carry significant intrinsic value, which can create episodic selling pressure around vesting/exercise windows, tempered by strict anti-hedging/anti-pledging policies and ownership retention requirements until guideline compliance .
- Retention and change-in-control economics: double-trigger severance and meaningful equity acceleration under a qualified termination in a change-in-control (PBRSUs value $6.63M; options $0.74M; benefits $0.50M) indicate material event-driven payouts; absence of employment agreements and presence of clawbacks/non-compete/solicit provisions balance retention with governance rigor .
- Shareholder sentiment and governance support: 2024 say-on-pay approved by 86.7%, ownership guideline compliance, and disciplined grant practices reduce governance-risk discount, supportive for compensation credibility and long-term alignment .