Michael Hawley will retire immediately as chairman-CEO of Gillette Co., the Boston-based company announced. President-Chief Operating Officer Edward DeGraan, 57, becomes acting CEO while the board searches for a permanent replacement. Mr. Hawley, 62, was elected chairman in April 1999 and led the drive to concentrate on Gillette's core shaving, batteries and oral-care businesses. Earlier this year, Gillette sold its haircare and stationery products brands, and shopped around portions of its Braun appliance business. Gillette on Oct. 19 posted a 3% drop in third-quarter profits vs. a year ago, to $575 million, on flat sales of $2.32 billion. Profits and sales for the first nine months also are unchanged from a year ago.
Copyright October 2000, Crain Communications Inc.