Kimberly-Clark Corporation announced that chief executive officer Michael D. Hsu has been elected to the additional role of chairman of the company’s Board of Directors effective January 1, 2020. Hsu, 55, succeeds Thomas J. Falk, who plans to retire from the company and the Board at the end of the year after serving as chairman for the past 16 years.

Speaking on behalf of the Board of Directors, Ian Read, independent lead director, says, “As part of the Board’s ongoing focus on succession planning, both Mike and Tom have worked closely with the Board to plan this transition. Since joining the board in 2017, Mike has demonstrated strong leadership of Kimberly-Clark’s business and championed a strategy to deliver balanced, sustainable growth. We are confident that Mike will do an excellent job leading our Board.”