Clorox CEO Linda Rendle to step down for health reasons

OAKLAND, Calif. - The Clorox Company (NYSE:CLX) announced today that Chair and Chief Executive Officer Linda Rendle will step down for health reasons, according to a press release statement.

The company’s Board of Directors will initiate a comprehensive CEO search process. Rendle will remain in her position as Chair and CEO during the search and until a successor is appointed. She will also serve in an advisory role for a period following the appointment.

Rendle has served as CEO for six years and has been with the company for more than two decades. "This was an incredibly difficult and deeply personal decision but after thoughtful reflection, I believe now is the right time to begin working toward a leadership transition so I can focus more fully on my health and family once a successor is appointed," Rendle said.The leadership transition comes as Clorox shares have declined 22% over the past year, currently trading at $96.20 with a market cap of $11.64 billion. According to InvestingPro analysis, the stock appears undervalued based on Fair Value metrics. The company maintains financial stability with a 5.11% dividend yield and has raised its dividend for 49 consecutive years—a track record that may provide reassurance to investors during this transition period.

Matthew J. Shattock, lead independent director of the Board, stated that Rendle "has been an exceptional CEO for Clorox, steering the company through a period of significant transformation and volatility."

The search will be led by an independent CEO search committee of the Board with support from an executive search firm.

Rendle and Chief Financial Officer Luc Bellet are scheduled to participate in a fireside chat at the dbAccess Global Consumer Conference on Wednesday, June 3, in Paris.

The Clorox Company is headquartered in Oakland, California and operates brands including Brita, Clorox, Glad, Hidden Valley, and Kingsford.

In other recent news, Clorox Co. announced the pricing of a $1.5 billion debt offering, divided into three tranches with maturities ranging from five to ten years. The company issued $550 million in five-year notes with a 4.700% coupon, priced at 99.995 to yield 4.701%. Additionally, several analyst firms have adjusted their price targets for Clorox. TD Cowen lowered its price target to $90, citing a third-quarter earnings miss on organic sales and a reduction in fiscal 2026 earnings per share guidance, despite earnings per share exceeding expectations. UBS also reduced its price target to $96, maintaining a Neutral rating, noting that weaker gross margins were offset by lower expenses. Morgan Stanley cut its target to $97, highlighting ongoing sales challenges, particularly in the litter and salad dressing categories, along with rising cost pressures. Evercore ISI adjusted its target to $110, mentioning margin pressures and noting the impact of factors like ERP implementation and the GOJO deal. These developments reflect the current financial and operational landscape for Clorox.

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