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The battery giant’s board of directors elected President and Chief Operating Officer Mark S. LaVigne to succeed Hoskins.

Hoskins has worked at Energizer for almost 40 years and as CEO for five, leading the company through acquisitions, global development and a massive split.

“Alan is an exceptional leader who has guided Energizer through an extraordinary transformation into a stand-alone public company and a global consumer products leader with a strong foundation for long-term success,� board Chairman Pat Moore said in a statement.

In 2015, Hoskins helped the company break into two, separating the Energizer battery business from the company’s personal care products, including razors and sunscreen, which became Edgewell Personal Care. In 2018, he was in charge when Energizer announced the $2 billion purchase of Spectrum Brands‘ battery and portable lighting businesses, including the Rayovac brand, creating a battery giant. Not a year later, the company said it would spend $1.25 billion on Spectrum’s Armor All, STP and A/C Pro brands, too.

Energizer said on Thursday it is now the “global value share leader� in the battery and auto care categories.

The company also lauded Hoskins for focusing on talent and culture, empowering colleagues and building diversity. It said almost half of Energizer’s “critical roles� are now held by women and people of color.

Hoskins made $6.8 million in 2019, the 12th-highest paid CEO of a ºüÀêÊÓƵ-area public company.

But Hoskins said it was time for him to step down. In a statement on Thursday, he thanked his colleagues and endorsed LaVigne as CEO.

“Like many people, over the past several months, I have had the opportunity to reflect on my life, my future and what is most important to me,� Hoskins said in the statement.

“As I enter my next chapter, I look forward to spending more time with my family and pursuing philanthropic opportunities,� he continued.

LaVigne was appointed president last year. He had served as executive vice president and COO since 2015. Previously, he was vice president, general counsel and corporate secretary.

He began his career at Bryan Cave Leighton Paisner LLP in 1998, where he was a partner from 2007 to 2010, specializing in business and transactional counseling and mergers and acquisitions. He holds a law degree from ºüÀêÊÓƵ University and a bachelor’s degree from the University of Notre Dame.

LaVigne said on Thursday that he expects growth despite the unprecedented challenges of the year.

“We recognize we have hurdles to overcome, but I have complete confidence in our organization and am tremendously excited about Energizer’s future prospects,� he said in a statement.

Hoskins will continue to serve as a director and as an adviser to the company until Sept. 30.

Energizer also reported on Thursday a fourth quarter loss of almost $56 million, after a $42 million profit in the same period last year. Revenues rose 6%, or $44 million, to $763 million in the quarter, but the company took a $91 million loss related to debt refinancing.