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Kimberly-Clark Corp., Dallas, TX, reported third-quarter sales of $4.6 billion, down 2 percent compared with the same period a year ago. The company reported net income of $451 million, down 20 percent compared to the year-ago period.
Changes in foreign currency exchange rates reduced sales during the quarter by 3 percent while organic sales increased 1 percent, the company said.
In a separate announcement, Kimberly-Clark said it has appointed Michael D. Hsu chief executive officer, effective January 1, 2019. Hsu has served as Kimberly-Clark's president and chief operating officer since January 1, 2017. He succeeds Thomas J. Falk, who has served as CEO since 2002 and as chairman of the company’s board of directors since 2003. Falk will become executive chairman of the Kimberly-Clark board of directors to help ensure a smooth transition, the company said.