Colgate announces dividend increase, elects Google exec to board

NEW YORK — Colgate-Palmolive announced on Thursday that its board of directors increased the ongoing quarterly common stock cash dividend by 7%. Separately, the company also announced that Nikesh Arora, SVP and chief business officer of Google, has been elected to its board.

The dividend increase will be effective as of second quarter 2012. The new rate of 62 cents per share is up from 58 cents. The second-quarter dividend is to be paid on May 15 to shareholders of record as of April 24. On an annualized basis, the new dividend rate is $2.48, compared with $2.32 per share previously. The company has paid uninterrupted dividends on its common stock since 1895.

Separately, the company announced that Google executive Arora has been elected to its board, effective March 15.

Colgate also announced that following the recent planned retirement of vice chairman Michael Tangney, effective March 1, Fabian Garcia, COO of global innovation and growth and Europe, has assumed responsibility for the company’s Hill’s Pet Nutrition division; and Franck J. Moison, COO of emerging markets, has assumed responsibility for Colgate’s South Pacific region.