Colgate announces CEO Cook to take over as chairman
NEW YORK Colgate-Palmolive has announced that, consistent with previously announced succession plans, Reuben Mark will retire as chairman of the board and as a director of the company, effective Dec. 31, and that Ian Cook, current chief executive officer and president and a member of the board, will take on the additional role of chairman, effective Jan. 1, 2009.
Cook, speaking on behalf of the board, stated, “We are extremely grateful for Reuben’s outstanding leadership of Colgate’s board as its chairman for more than 22 years. He was deeply committed to a strong tradition of board strategic oversight and corporate governance excellence, which we look forward to continuing.”
Physicians Formula increases credit facility
AZUSA, Calif. Beauty company Physicians Formula has entered into a third amendment to its existing senior credit agreement with Union Bank of California, N.A. to increase the credit facility by $5 million to $25 million.
The applicable interest rates on the revolving credit facility remain the same at LIBOR plus 1.75 percent or a base rate plus 0.25 percent.
As of Sept. 30, the company had $2 million of outstanding indebtedness under its revolving credit facility, no letters of credit and $18 million available for borrowing under its revolving credit facility and $11.3 million of borrowings under the term loan facility.
The amendment also amends the maximum total leverage ratio covenant and the minimum net worth covenant, and imposes a condition that any time the company makes a repurchase of common stock, it must have minimum availability under its revolving credit facility after giving effect to the repurchase.
“We are very pleased to have successfully expanded our credit agreement in the current credit market environment and believe this underscores the confidence our lenders have in our business platform and ability to execute on our future strategies,” said Joseph Jaeger, chief financial officer of Physicians Formula. “This increase combined with our expected future operating cash flow will provide additional financial flexibility for the future.”
FDA grants clearance to Tanda at-home light-based acne treatment technology
NEW YORK Tanda Clear Acne Light Therapy Treatment, an at-home light-based skin care technology, has received FDA clearance that allows the device to be sold over-the-counter for the treatment of acne.
Both Tanda and Tanda Professional, which is sold through physician offices, uses 414nm blue LED light that, according to the company, is scientifically proven to naturally, gently and safely kill the P.acnes bacteria that cause mild to moderate inflammatory acne. A company-sponsored In-vitro study showed an 86 percent reduction in P.acnes bacteria colonies after a six-minute treatment with Tanda Clear.
“Unlike heat-based devices that can be painful and only address a very small treatment area, Tanda Clear is quick and painless. The triangular treatment head is up to 16 times larger than heat-based devices, enabling it to treat multiple blemishes at one time and help prevent future outbreaks,” said John Kennedy, chairman and chief executive officer of Pharos Life Corp., which developed the product.
The Tanda Clear Acne Light Therapy Treatment is available exclusively at Sephora, sephora.com and tandaskincare.com. The Tanda Professional Skincare System is available at physician offices and medi spas.