Church & Dwight: C-Suite Swap Fails To Alter Thesis; Investors Should Remain on the Sidelines

No-moat Church & Dwight announced that, after nearly nine years at the helm, CEO Matt Farrell will step down in March, with Rick Dierker, a 15-year veteran of the firm who currently serves as CFO and head of operations, slated to assume the top spot. Farrell will continue to serve as executive chairman to ensure a smooth transition. Given that Dierker has been intimately involved in crafting and executing the firm's strategic playbook, including assessing potential inorganic opportunities, we don't expect Church & Dwight will veer from its current course with him at the helm. As a result, our Standard Capital Allocation Rating remains in place, as does our $68 fair value estimate.