Procter & Gamble ‘willing to change anything and everything,’ CEO says
CINCINNATI (Cincinnati Business Courier) - Procter & Gamble Co.’s biggest reorganization since 1999 indicates a willingness “to change anything and everything” to boost results and create value for shareholders, CEO David Taylor said.
The Cincinnati-based maker of consumer goods such as Pampers diapers (NYSE: PG) is moving to a much simpler management structure, Taylor told market analysts on Thursday at P&G’s headquarters.
P&G began edging toward such a move more than a year before activist investor Nelson Peltz joined the board in March.
Peltz is the CEO of Trian Fund Management, which disclosed in February 2017 that it had acquired a $3.5 billion stake in P&G. During the subsequent proxy battle for a board seat, the hedge fund manager urged that P&G be reorganized as three standalone global business units.
The reorganization outlined by Taylor doesn’t follow the Peltz template exactly, but it has similar aspects.
To see plans for changes to the company and how they will impact employees, read the full story from the Cincinnati Business Courier.
Cincinnati Business Courier is a Local 12 News partner