Kimberly-Clark Corp. said it was switching chief executives in the midst of a restructuring program intended to boost profits as the maker of Kleenex tissues, Scott toilet paper and Huggies diapers struggles with weak sales.

Current President and Chief Operating Officer Michael Hsu is set to become chief executive officer effective Jan. 1, succeeding CEO Thomas Falk, who has served in this position since 2002. Mr. Falk, who has been chairman since 2003, will become executive chairman, the company announced.