Updated from 1:07 PM EST.

Kimberly-Clark (KMB) - Get Report named Michael Hsu as COO and president effective January 1, part of a long-term executive leadership development and succession planning process, the Irving, TX-based company said on Wednesday.

Hsu, 52, who joined the company in 2012, is currently the group president of North American consumer products, where he oversees the almost $8 billion North American person care and consumer tissue businesses. He will also join the board of directors.

"Mike is an outstanding leader with a passion for our business. He has a long track record of building great teams and delivering strong results at K-C and elsewhere in the consumer packaged goods industry," CEO Thomas Falk said in a statement, "I'm excited to work closely with Mike in his new role as we continue to execute our long-range global business plan."

Spokesman Bob Brand said that Hsu would be a "strong" and "serious" candidate to become the next CEO when the position opens, assuming he performs well in the new role.  Brand noted though that there is presently no plan for Falk to step down. 

Elane Stock, 52, group president of Kimberly-Clark International, also announced her intention to leave the company. Its three regional businesses in Asia-Pacific, Latin America, and Europe, the Middle East and Africa will now report directly to Hsu.

Kimberly-Clark expects to name a new group president of North American consumer products in the "near future."

Yesterday, the maker of Kleenex tissues, Huggies diapers and Scott paper products declared a quarterly dividend of 92 cents per share, which is payable on January 4 to stockholders of record on December 9.

In October, Kimberly-Clark posted weaker-than-expected results for the 2016 third quarter and cut its full-year earnings guidance. The stock is down more than 11% year-to-date.

The shares were lower by 0.68% to $113.09 in mid-afternoon trading today.