Consumer goods giant Procter & Gamble Co. (PG) said Wednesday that it is reorganizing its global business units into four industry-based sectors, as part of its ongoing plan to improve business performance. The four new units will each be headed by a group president, with all four individuals reporting directly to new CEO A.G. Lafley.
These are the first major changes announced by P&G after the return of Lafley, who will take over the reigns of the company succeeding Robert McDonald, who will retire on June 30 after 33 years of service.
Lafley took over as chairman, president and CEO of P&G and has also been elected to the board of directors. He had earlier served as its full-time chairman from July 2009 to January 2010 and retired from the company, effective February 25, 2010.
Commenting on the reorganization, Lafley said, "This sector organization and leadership team will help us operate more effectively and efficiently to continue momentum behind P&G's growth strategies. These changes build on the productivity and organization design work led by Bob McDonald, and will help us get closer to consumers and become more agile with customers."
The Wall Street Journal had reported last Thursday that P&G was working on a reorganization that would regroup its consumer brands and products into four sectors, each to be headed by a president. P&G reportedly plans to elevate four senior executives to presidents of the four units in a move that would help publicly identify candidates to succeed Lafley after his retirement.
According to the WSJ report, Lafley is not expected to stay for more than two or three years at P&G's helm, and one of his top priorities was to prepare a lineup of executives who could replace him. Lafley turns 66 in June.
Accordingly, P&G said it has appointed four senior executives to the new top roles as presidents of the units. The company named Martin Riant as group president of global baby, feminine and family care, in addition to his current responsibilities as group president of global baby care.
Deborah Henretta has been appointed as group president of global beauty, in addition to her current role as group president of c. David Taylor, currently group president of global home care, has been elected group president of global health and grooming.
Taylor will assume additional responsibility for the pet care business, succeeding Jorge Mesquita who is leaving the company to pursue outside interests. Charles Pierce, currently group president of global oral care, will also assume the additional responsibilities for new business creation and innovation currently held by Mesquita. Pierce will report to Taylor for oral care, and to Lafley for new business creation and innovation.
Giovanni Ciserani has been named as group president of global fabric and home care. Ciserani will lead the sector in addition to his current responsibilities as group president of global fabric care.
In connection with this, George Tsourapas, currently vice president of fabric and home care, central and eastern Europe, Middle East and Africa, has been elected president of global home care and P&G Professional, succeeding David Taylor. Tsourapas will report to Ciserani.
With their expanded roles, Ciserani, Henretta, Riant and Taylor will report directly to Lafley. Presidents for each of the global business units included in each sector will now report to the respective sector group president. These changes are effective July 1, 2013.
Concurrent with these changes, P&G said that Dimitri Panayotopoulos, currently vice chairman, global business units, has been elected vice chairman and advisor to the chairman and CEO effective July 1, 2013. Panayotopoulos will continue to report to Lafley.
Also effective July 1, 2013, Melanie Healey, group president of North America and global hyper, super and mass channel, will report to Lafley in addition to Werner Geissler, vice chairman of global operations. This change reflects the size and impact of the North America market to P&G's business.
Geissler will continue reporting to Lafley as vice chairman of global operations, with particular focus on Western Europe and developing markets. The WSJ had reported that the two vice chairmen, Geissler and Panayotopoulos, who report to Lafley, are not likely to succeed him. Geissler turned 60 in April, while Panayotopoulos will turn 62 in October.
PG closed Wednesday's trading at $76.66, down $0.71 or 0.92 percent on a volume of 8.83 million shares.
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