The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
NEW YORK, United States — Procter & Gamble Co will replace Chief Executive A.G. Lafley with company veteran David Taylor in a widely expected appointment that could be announced as soon as Thursday, the Wall Street journal reported.
The move by P&G, the world's largest household products maker, is pending a board meeting scheduled for Tuesday, the WSJ said, citing a person familiar with the matter.
The decision coincides with a massive overhaul of the company, which is struggling with sluggish sales due to "choppy" growth in developed markets, tough competition and a strengthening U.S. dollar.
The company has been streamlining its business, and earlier this month announced plans to sell off more than 40 brands to perfume maker Coty Inc for $12.5 billion, as it looks to narrow its focus on fewer, faster-growing brands such as Tide and Gillette.
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Taylor has been the group president of the company's global health & grooming business since 2013. In January his role was expanded to include P&G's ailing beauty business.
Lafley, who returned to take over as CEO of the consumer goods giant in 2013 after having led the company from 2000-2009, is expected to remain as chairman, the Journal reported.
Taylor, who joined the company in 1980, has worked in various capacities in his 35-year tenure with the company serving in managerial roles across markets including China and Western Europe.
P&G declined to comment.
The company's shares closed down 0.4 percent at $79.97 on the New York Stock Exchange on Monday.
By Subrat Patnaik, Siddharth Cavale, Natalie Grover; editors: Savio D'Souza, Andrew Hay.
From analysis of the global fashion and beauty industries to career and personal advice, BoF’s founder and CEO, Imran Amed, will be answering your questions on Sunday, February 18, 2024 during London Fashion Week.
The State of Fashion 2024 breaks down the 10 themes that will define the industry in the year ahead.
Imran Amed reviews the most important fashion stories of the year and shares his predictions on what this means for the industry in 2024.
After three days of inspiring talks, guests closed out BoF’s gathering for big thinkers with a black tie gala followed by an intimate performance from Rita Ora — guest starring Billy Porter.