Procter & Gamble announced David Taylor will step down as chief executive after a six-year run at the company's helm, reports the Wall Street Journal
(30 July, Terlep). During his tenure as CEO, Taylor battled with an activist investor, revived sales, and navigated through the COVID-19 pandemic. He will officially step down on 1 November and thereafter serve as Procter & Gamble's executive chairman. Jon Moeller, Taylor's top deputy and a company veteran, will take over as CEO at that time. The leadership change comes at a delicate moment for Procter & Gamble, which makes such products as Pampers diapers, Crest toothpaste, and Gillette razors. Though the COVID-19 pandemic fueled demand for household products last year, it has strained supply chains and pushed up costs in a sector that operates on thin profit margins. In an interview, Taylor said Procter & Gamble's board considered external candidates before deciding to go with Moeller as the next CEO. He suggested the confidence in Moeller reflects the company's recent success. "The strategy we have was working before the pandemic, is working in the pandemic, and will continue to work well after the pandemic. Today the company is delivering some of the strongest results that it ever has," Taylor said. Procter & Gamble is set to report its latest quarterly results on Friday. Many of its peers have warned of inflationary pressures and slowing demand in recent days.
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