Beiersdorf: New blood at the top

BEIERSDORF named a Colgate-Palmolive executive as successor to its retiring chief financial officer, tapping one of the Nivea maker’s main competitors for the role. Jesper Andersen, 45, will start to take over from 62-year-old Ulrich Schmidt in September, Beiersdorf said yesterday as it reported first-quarter earnings that topped analysts’ estimates. “Young guy, external, Colgate – that will be taken well,” said Robert Waldschmidt, an analyst at Liberum Capital in London. “He ticks three really good boxes. It’s also new blood. I can’t say Ulrich has been the most energising force within the company.” Beiersdorf is gaining a chief financial officer with about two decades of experience in Europe, Asia and North America for Colgate. The stock’s gain of as much as 5 percent was fuelled by optimism for the appointment, plus the company’s success in raising prices in Europe, Waldschmidt said. Adjusted earnings before interest and taxes increased 8.5 percent to e255 million (R3.44 billion), beating the e248.8m consensus. Beiersdorf has been investing in emerging markets such as Latin America, and expanding the Nivea line and Labello lip balms. – Bloomberg