Bank of America Remains Muted on The Clorox Co. Following CEO Departure

In a report published Friday, Bank of America analyst Olivia Tong reiterated an Underperform rating and $89.00 price target on

. In the report, Bank of America noted, “CLX has announced that Don Knauss, 63 years old and CEO since 2006, will retire, effective November 20th. Taking his spot will be Benno Dorer, 50 years old, who has been with Clorox since 2005 and was COO – Cleaning, International, and Corporate Strategy. Prior to CLX, Mr. Dorer was with P&G for 15 years. He is well known amongst the investor community and has played an integral part in setting strategy in recent years, so we do not expect any material changes to CLX's outlook either short or long term. George Roeth, Current COO – Lifestyle, Household & Global Functions, has announced his intent to leave CLX in January. Mr. Knauss will continue as Chairman and as a member of the Board.” The Clorox Co. closed on Thursday at $89.90.