Clorox Profit Tumbles as Costs Rise; CEO Retires
Clorox Co., the maker of household bleach and Glad trash bags, said Chief Executive Gerald Johnston was retiring after having a heart attack March 1.
The company also said fiscal third-quarter profit fell on higher raw-material costs. Net income declined to $101 million, or 72 cents a share, from $118 million, or 76 cents, a year earlier. Sales rose 7% to $1.16 billion, the Oakland-based company said.
Profit at Clorox has dropped for five quarters as the company contends with higher oil and resin expenses. Clorox is introducing new products and raising prices to boost revenue.
Clorox said Robert Matschullat would continue to serve as interim chairman and CEO while the company conducted a search for a new chief.
Clorox shares fell $2.92 to $61.50.
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