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    Clorox Co (CLX)

    CFO Change

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    The Clorox Company is a leading multinational manufacturer and marketer of consumer and professional products, operating in approximately 25 countries and selling in over 100 markets. The company offers a variety of well-known brands, including Clorox® bleach and cleaning products, Pine-Sol® cleaners, Liquid-Plumr® clog removers, Glad® bags and wraps, Fresh Step® cat litter, Kingsford® grilling products, Hidden Valley® dressings, Brita® water-filtration products, and Burt's Bees® natural personal care products, among others . Clorox's business is organized into four reportable segments: Health and Wellness, Household, Lifestyle, and International .

    1. Health and Wellness - Focuses on cleaning and disinfecting products, including Clorox® bleach and Pine-Sol® cleaners.
    2. Household - Encompasses bags, wraps, cat litter, and grilling products, featuring brands like Glad® and Fresh Step®.
    3. Lifestyle - Includes food, water-filtration, and natural personal care products, with offerings such as Hidden Valley® dressings and Brita® water-filtration products.
    4. International - Comprises products sold outside the United States, extending the reach of Clorox's diverse product portfolio.
    NamePositionStart DateShort Bio
    Linda RendleChair and Chief Executive OfficerSeptember 2020Linda Rendle is the Chair and Chief Executive Officer of The Clorox Company. She has been with the company since 2003 and became an executive officer in 2016. She was appointed as Chair effective January 1, 2024 .
    Nina BartonExecutive Vice President - Group President - Care and ConnectionJuly 2024Nina Barton is the Executive Vice President and Group President - Care and Connection at Clorox. Before joining Clorox, she was the CEO of Vytalogy Wellness LLC from July 2021 to November 2023 .
    Stacey GrierExecutive Vice President - Executive Chief of StaffJanuary 2024Stacey Grier is the Executive Vice President – Executive Chief of Staff at Clorox. She joined Clorox in 2016 and has held various leadership roles, including Senior Vice President – Chief Marketing Officer .
    Angela HiltExecutive Vice President - Chief Legal OfficerOctober 2022Angela Hilt is the Executive Vice President and Chief Legal Officer of Clorox. She joined the company in 2005 as Senior Corporate Counsel and has held various legal roles since then .
    Chris HyderExecutive Vice President - Group President - Health and HygieneOctober 2022Chris Hyder is the Executive Vice President and Group President - Health and Hygiene at Clorox. He has been with Clorox since 2003, holding various positions of increasing responsibility .
    Kevin B. JacobsenExecutive Vice President - Chief Financial OfficerJanuary 2019Kevin B. Jacobsen is the Executive Vice President - Chief Financial Officer of Clorox. He has been with the company since 1995, holding various senior leadership roles in the finance department .
    Kirsten MarrinerExecutive Vice President - Chief People and Corporate Affairs OfficerDecember 2020Kirsten Marriner is the Executive Vice President - Chief People and Corporate Affairs Officer at Clorox. She joined Clorox in 2016 and has held various leadership roles in human resources .
    Eric ReynoldsExecutive Vice President - Chief Operating and Strategy OfficerSeptember 2020Eric Reynolds is the Executive Vice President - Chief Operating and Strategy Officer at Clorox. He joined Clorox in 1998 and has held various leadership roles, including Senior Vice President – Chief Marketing Officer .
    Chau BanksSenior Vice President - Chief Information and Data OfficerJune 2020Chau Banks is the Senior Vice President – Chief Information and Data Officer at Clorox. She took on additional responsibility for enterprise analytics in September 2020 .
    Shanique Bonelli-MooreVice President - Chief Diversity and Social Impact OfficerJuly 2022Shanique Bonelli-Moore is the Vice President and Chief Diversity and Social Impact Officer at Clorox. Prior to joining Clorox, she served as the Executive Director of Inclusion at United Talent Agency .
    Gina KellySenior Vice President - Chief Customer OfficerJune 2024Gina Kelly is the Senior Vice President - Chief Customer Officer at Clorox. She joined Clorox in 1988 and has held various positions of increasing responsibility over the years .
    Michael OttSenior Vice President - Chief Research and Development OfficerJune 2022Michael Ott is the Senior Vice President – Chief Research and Development Officer at Clorox. He joined Clorox in 1996 as a scientist and has held positions of increasing responsibility in research and development .
    Eric SchwartzSenior Vice President - Chief Marketing OfficerMarch 2022Eric Schwartz is the Senior Vice President and Chief Marketing Officer of Clorox. He initially served as a Brand Manager at Clorox from 2000 to 2004 and rejoined the company in 2019 .
    1. Despite your efforts to restore supply and distribution post-cyber attack, certain brands like Litter and Kingsford are still underperforming; what specific strategies are you implementing to regain lost market share and fully capitalize on growth opportunities in these categories?
    2. Given the significant improvement in gross margins, why aren't you investing more aggressively in advertising and promotion to drive market share gains, especially when competitors are increasing their spend and your market share isn't where you'd like it to be?
    3. With the recent divestitures of Argentina and the VMS business, how confident are you in maintaining your 3% to 5% long-term organic sales growth target, and what key growth drivers will compensate for the loss of these businesses?
    4. Considering the increased promotional intensity in some of your categories and the ongoing pressure on consumer spending, how do you plan to balance pricing, promotions, and innovation to drive volume growth without compromising margins?
    5. The Burt's Bees brand has faced significant supply issues and heightened competition, leading to variability in distribution; what measures are you taking to address these challenges, and how do you plan to ensure Burt's Bees remains a growth-accretive asset in your portfolio?
    Program DetailsProgram 1 (2018 Open-Market)Program 2 (Evergreen)
    Approval DateMay 2018 August 1999
    End Date/DurationNo expiration date No expiration date
    Total additional amount$2,000 million No specified limit
    Remaining authorization$993 million Not applicable
    DetailsN/AReduce/eliminate dilution from stock compensation plans
    YearAmount Due (Millions)Debt TypeInterest Rate (%)% of Total Debt
    2024189 Notes and Loans Payable4.67 6.6 = (189 / 2,672) * 100
    N/A2,483 Long-Term DebtN/A93.0 = (2,483 / 2,672) * 100
    CustomerRelationshipSegmentDetails
    Walmart
    Largest single customer, purchases on individual sales orders
    All
    25% of CLX consolidated net sales in FY 2024, which is $7,093 million total net sales, so Walmart’s share is approximately $1,773 million. In FY 2023: 26%, and in FY 2022: 25%.No long-term contract.
    NameStart DateEnd DateReason for Change
    Ernst & Young LLP2003 PresentCurrent auditor

    Recent developments and announcements about CLX.

    Financial Reporting

      Earnings Call

      ·
      1 day ago

      The company CLX recently held an earnings call where several key points were discussed. The management team, including Linda Rendle (CEO) and Kevin Jacobsen (CFO), provided insights into the company's financial performance and strategic initiatives.

      1. Revenue and Profit Performance: CLX reported strong compounded annual sales growth and has stabilized and rebuilt its gross margin, delivering strong earnings growth. This financial strength enables further investment in the business.

      2. Management’s Forward Guidance: The company is optimistic about its future, with plans to implement a U.S. ERP system early next fiscal year, which is expected to enhance long-term shareholder value.

      3. Market Conditions and Strategic Initiatives: CLX has navigated significant disruptions, including a pandemic and a cyber attack, while transforming its operations by implementing a new operating model and divesting underperforming businesses.

      4. Analyst Questions and Management Responses: Analysts inquired about various topics, including the impact of logistics costs and the company's exposure to raw materials from Mexico and Canada. Management indicated that logistics costs and warehousing would increase due to safety stock, but these would be offset by product shipping, resulting in minimal net impact. They also mentioned that the exposure to raw materials from Mexico and Canada is in the single digits, indicating limited risk.

      5. Competitive Environment: The company is experiencing increased competitive activity, particularly in the Glad trash category, and is responding with strategic promotions and innovations.

      Overall, CLX is focused on maintaining its growth trajectory through strategic investments and operational improvements, while also managing competitive pressures in the market.

    Corporate Leadership

      CFO Change

      ·
      8 days ago

      Kevin Jacobsen, the CFO of Clorox, has announced his retirement effective April 1, 2025. He will continue in an advisory role until June 2025. Luc Bellet, currently the company's Vice President and Treasurer, will succeed him as CFO starting April 1, 2025.

      Leadership Change

      ·
      8 days ago

      Kevin Jacobsen, Clorox's CFO, is retiring after nearly 30 years with the company, effective April 1, 2025. He will continue in an advisory role until June 2025. Jacobsen has been instrumental in driving Clorox's IGNITE strategy and financial transformation.

      Luc Bellet, currently Clorox's Treasurer, will step up as the new CFO. Bellet, an 18-year veteran of Clorox, has extensive experience across financial planning, internal audit, and business development. His appointment reflects Clorox's strong succession planning.