New P&G leader to streamline, seek growth overseas

Thursday, June 11, 2009

CINCINNATI (AP) — New Procter & Gamble Co. chief Bob McDonald sees a brighter future for the 172-year-old company through selling more diapers, detergent and shampoo in places like India and Africa.

With ambitious plans to double sales and streamline the world’s largest consumer products company, whose sales and earnings growth have slowed during the recession, McDonald is to move from chief operating officer to CEO in three weeks.

“We’re going to focus even more on winning with consumers in emerging markets,” McDonald said in a conference call Wednesday shortly after P&G announced he will succeed A.G. Lafley on July 1. “We’re serving about 3.5 billion people of nearly 7 billion people on the planet today, and I’m confident we can reach at least another billion or more in the decade ahead.”

Source: The Associated Press (link opens in a new window)