FMCG giant Kimberly-Clark has named a new CEO, Michael Hsu, who will take up the role on January 1, 2019.
Hsu will take the place of Thomas Falk, who has been the company’s CEO since 2002 and chairman of the Board of Directors since 2003. Falk will be the new executive chairman of the Kimberly-Clark Board of Directors.
Hsu will continue to serve as a member of the company’s Board of Directors. He was previously Kimberly-Clark’s president and chief operating officer since January 1, 2017. He also oversaw the company’s nearly $8 billion North American Personal Care and Consumer Tissue businesses.
“Mike is a great choice to become Kimberly-Clark’s next CEO and lead the company forward in its next phase of growth and value creation,” said Falk. “His passion, vision and track record of delivering great results will build upon Kimberly-Clark’s nearly 150-year legacy of caring for the needs of people around the world while achieving top-tier performance.”
“We are delighted that Mike will be Kimberly-Clark’s next CEO. As part of the Board’s ongoing focus on executive succession planning, Tom and Mike have worked closely with the Board over the past two years to plan this transition. We are highly confident Mike is the right leader to build on Kimberly-Clark’s proud history. At the same time, we thank and recognize Tom for his incredible leadership as CEO. During his tenure, Kimberly-Clark transformed into one of the world’s leading consumer products companies and delivered significant growth and shareholder value. In short, he has ensured that Kimberly-Clark has a great foundation from which to succeed in the future,” Ian Read, Kimberly-Clark lead director, added.
Falk led the FMCG giant’s Global Business Plan launched in 2003. The business plan paved way for Kimberly-Clark to generate sustainable growth and shareholder returns. He also strengthened the company’s culture, diversity and commitment to sustainability.
“I am honored and proud to have the opportunity to lead this great company following Tom,” said Hsu. “When I joined Kimberly-Clark, I was looking for a company that was focused on improving lives, that was committed to doing things the right way and that had a strong culture. I’m looking forward to building on Kimberly-Clark’s rich legacy, winning with our trusted brands and making lives better around the world.”
Prior to joining Kimberly-Clark in 2012, Hsu worked at Kraft Foods, H.J. Heinz and Foodservice.