The Clorox Co. (NYSE:CLX) announced today that Executive Vice President and Chief Operating Officer Larry Peiros will be stepping down, and will be replaced by two current Clorox executives who will share the title of COO.
Peiros, 57, began at Clorox as a summer intern in 1980. By 1999 he was appointed to the executive committee, and in 2007 he became the COO. He will officially retire April 1, but the two new COOs will begin in their new roles on Jan. 1.
Peiros stated in a press release that he felt very fortunate for his time with the company, saying "I will always bleed 'Clorox blue.' " Chairman and CEO Don Knauss lauded Peiros for his selflessness and leadership, and praised the "executive management team's robust succession planning."
Peiros is replaced in his duties by Benno Dorer, 48, and George Roeth, 51, both currently senior vice presidents with the company. Dorer will handle cleaning, international, and corporate strategy, while Roeth will head up household and lifestyle.
The Motley Fool owns shares of The Clorox Company. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.