Since 2020, Kimberly-Clark’s Board Chair has simultaneously served as its CEO, a structure that we believe has weakened the corporation’s governance and not served shareholders well. Although the company often points to having a Lead Independent Director as a counterbalance to a combined CEO/Chair, given its recurring periods of underperformance, this structure clearly hasn’t proven sufficient to protect shareholder interests. Consider, for example, the following chart from its fiscal 2024 Annual Report, showing a five-year total shareholder return significantly lower than the S&P 500 and S&P 500 Consumer Staples Indices. Adopting an independent Chair would inherently mean separating the Chair and CEO roles, something that a strong majority (60%) of S&P 500 companies currently do. This would allow the Chair to focus on leading the Board in its oversight and governance responsibilities while the CEO focuses on setting and executing strategic plans and initiatives, and leading daily operations. Further, it would reinforce the Board’s firewall from management and create an environment conducive to objective evaluation and oversight, increasing management accountability and improving the ability of the Board to monitor whether management’s actions are in the best interests of our company and its stockholders. Indeed, “the chair of the board should ideally be an independent director,” reports Institutional Shareholder Services (ISS), “to help provide appropriate counterbalance to executive management.” And reports Glass Lewis: “Glass Lewis’ view is that shareholders are better served when the board is led by an independent chair, a role which we believe is better able to oversee the executives of the Company and set a pro-shareholder agenda without the management conflicts that exist when a CEO or other executive also serves as chair. This, in turn, leads to a more proactive and effective board of directors.” Based on the foregoing, we believe this proposal’s adoption is clearly warranted. Thank you.