Colgate-Palmolive Co said on Monday it has named Noel Wallace as its chief executive officer, replacing Ian Cook who has led the company since 2007.

Wallace will take over on April 2 and Cook will serve as an executive chairman for a period of up to 12 months to oversee the transition, the company said.

Colgate's incoming CEO has been with the company since 1987 and held several positions, most recently as its chief operating officer.

Wallace's appointment comes at a time the company has been struggling to boost profit amidst increasing costs of raw material and a stronger US dollar.