The Clorox Co. Executive Vice President and Chief Financial Officer Steve Robb has announced his retirement as the company names Kevin Jacobsen as his successor.

Robb, who served as CFO since 2011, will retire after 29 years with the company. Jacobsen, who began his career with Clorox in 1995, will serve as senior vice president and chief financial officer beginning April 1. 

"Steve will actively serve in his CFO role through March 31, and then continue in an advisory capacity through the end of the fiscal year," Chairman and CEO Benno Dorer said in a news release. "Steve's leadership, focus on total shareholder return and the timing of this announcement will ensure a smooth and orderly transition that will help us continue our focus on driving growth that is profitable, sustainable and responsible."

Robb is credited with Clorox's cost saving efforts during his tenure which resulted in annual savings of $100 million. He was named Bay Area CFO of the Year for a large public company by the San Francisco Business Times last year. 

Jacobsen, who has served as Clorox's vice president of financial planning and analysis since 2011, will oversee all of Clorox's financial activities in his new post. 

"Kevin's appointment as CFO is a great example of our robust succession-planning process," Dorer said in a statement. "He is a seasoned and thoughtful executive with more than 20 years of experience across the Clorox finance organization and brings deep experience and strategic continuity to the CFO role."

Clorox, which employees over 8,000 worldwide, reported $6 billion in sales for the 2017 fiscal year.