The Clorox Company filed a Form 8-K on October 29, 2026, disclosing the appointment of Fabian Garcia as Chief Executive Officer and Board member, effective January 5, 2027, and the planned departure of current CEO Linda Rendle from that role on the same date.

Key Highlights

  • New CEO appointed: Fabian Garcia, age 66, will become Chief Executive Officer and a Board member effective January 5, 2027.
  • Sign-on RSU award: Garcia will receive a one-time sign-on restricted stock unit award with a target value of $11,000,000, vesting ratably over three years.
  • Annual LTI target: Beginning September 2027, Garcia will be eligible for an annual long-term incentive award with a target value of $9,100,000.
  • Linda Rendle transition: Rendle will step down as CEO, Chair, and Board member on January 5, 2027, and serve as a senior advisor through April 2, 2027, at her current base salary of $1,350,000.
  • New Independent Chair: Matthew J. Shattock, currently Lead Independent Director, will become Independent Chair of the Board, receiving an additional retainer of $225,000.
  • Peer median salary benchmark: Clorox will use a peer median salary, initially set at $1,250,000, for purposes of salary-related benefits and perquisites for Garcia.

Garcia's Compensation Package and Prior Experience at Clorox

According to the filing, Garcia's offer letter, dated October 27, 2026, sets his annual base salary at $100,000, with a target annual bonus opportunity of $2,000,000 settled in shares of Company common stock and prorated for fiscal year 2027. His initial long-term incentive award carries a target value of $4,550,000, comprised of 60% performance share units vesting following the fiscal 2027-2029 performance period and 40% RSUs vesting ratably over four years, the filing stated.

The filing disclosed that the one-time $11,000,000 sign-on RSU award is intended "to compensate Mr. Garcia for the value of equity incentive awards that he forfeits upon leaving his prior employer." That award vests ratably over three years, subject to continued employment, and will vest in full upon an involuntary termination without "Cause" or with "Good Reason," as defined in the Clorox Company Third Amended and Restated Executive Change in Control Severance Plan, according to the filing.

The filing noted that Garcia most recently served as Business Group President, Personal Care at Unilever PLC since 2022, having joined Unilever as President of Unilever North America in 2020. Before that, he was CEO of Revlon, Inc. from 2016 to 2018, and held various roles at Colgate-Palmolive Company from 2003 to 2016, including Chief Operating Officer, Global Innovation and Growth. The filing also stated he currently serves on the Board of Directors of Wells Fargo. The filing confirmed Garcia has no familial relationships or related party transactions with the Company requiring disclosure.

What Was Disclosed

The Clorox Company disclosed the appointment of Fabian Garcia as CEO effective January 5, 2027, the terms of his compensation, the transition arrangement for outgoing CEO Linda Rendle through April 2, 2027, and the elevation of Matthew J. Shattock to Independent Chair of the Board.