Peter Dam Takes Over At Colgate India
Stepen Lister, chairman of Colgate-Palmolive (India) Ltd has resigned and has been replaced by Peter Dam, president, Colgate Asia-Pacific.
In a notice to the Bombay Stock Exchange, Colgate Palmolive (I) announced that Lister's resignation follows his retirement from Colgate-Palmolive USA. His resignation is effective June 30.
The US-based Peter Dam has taken over as non-retiring director and the new chairman. His appointment is effective July 1.
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Two other changes have also been made. Michele C Mayes, director Colgate-Palmolive (I) has resigned, while Tom Hsu has been appointed additional director. Hsu's appointment is also effective July 1. Mayes was the general counsel and has moved to the international division, while Hsu, the general counsel for Asia-Pacific has replaced her.
Lister's tenure saw the Indian subsidiary expand its reach in the toothbrush segment by acquiring Cibaca for Rs 131 crore from Hindustan Ciba-Geigy. However, it lost market share in the toothpaste market to Hindustan Lever.
In the past one year, Lever's aggressive marketing of Pepsodent whittled down the market share of Colgate Dental Cream. Lever's marketshare in toothpastes has risen from around 20 per cent to over 35 per cent.
Colgate's overall share hovers around 60 per cent, but the share of Dental Cream has dropped.