P&G, Diageo, Kellogg Shake Up Executive Scene
The Procter & Gamble Company
The Procter & Gamble Company (P&G) board of directors announces the following organizational changes:
A.G. Lafley, chairman of the board, will retire from the company effective Feb. 25, 2010. He will step out of his role as chairman on Jan. 1, 2010.
Robert A. McDonald, currently president and chief executive officer, has been elected chairman of the board, in addition to his other responsibilities, effective Jan. 1, 2010.
Since becoming president and chief executive officer in June 2000, A.G. Lafley has refocused P&G on consumer-driven innovation and consistent, reliable sustainable growth. The company has more than doubled sales since the beginning of the decade, and has grown its portfolio of billion-dollar brands - brands that generate at least $1 billion in annual sales - from 10 to 22. On average, annual organic sales have grown 5 percent, core earnings-per-share have grown 12 percent a year, and free cash flow productivity has been 112 percent a year since 2001. The company's market capitalization has more than doubled - making P&G one of the five most valuable companies in the United States and among the 10 most valuable companies in the world.
Lafley was succeeded as chief executive officer by Robert A. McDonald on July 1, 2009. He has continued to serve as chairman of the board to support the management transition, a practice that P&G has followed during multiple management changes over decades.
"I am retiring with confidence in Bob McDonald and his team," Lafley says. "Our strategies and plans are working; the company delivered a strong July - September quarter and we expect sequential improvement over the balance of the fiscal year. P&G is innovating across the business, investing in near-and longer-term growth, and maintaining rigorous cash and cost discipline. This is the right time to complete our management transition."
P&G also appoints Angela F. Braly, president and chief executive officer of WellPoint Inc., to its board of directors. The appointment is effective immediately.
"Angela is an experienced business leader in the critical health sector," comments A. G. Lafley, P&G chairman of the board. "She will be a valued addition to the P&G board."
WellPoint Inc. is the largest health benefits company in terms of medical membership in the United States, serving approximately 34 million members in its affiliated health plans. Prior to being named president and chief executive officer of WellPoint in June 2007, Braly served as WellPoint's executive vice president, general counsel and chief public affairs officer since April 2005. She served as president and chief executive officer of Blue Cross Blue Shield of Missouri (a WellPoint subsidiary) from August 2003 until April 2005.
A.G. Lafley, chairman of the board, will retire from the company effective Feb. 25, 2010. He will step out of his role as chairman on Jan. 1, 2010.
Robert A. McDonald, currently president and chief executive officer, has been elected chairman of the board, in addition to his other responsibilities, effective Jan. 1, 2010.
Since becoming president and chief executive officer in June 2000, A.G. Lafley has refocused P&G on consumer-driven innovation and consistent, reliable sustainable growth. The company has more than doubled sales since the beginning of the decade, and has grown its portfolio of billion-dollar brands - brands that generate at least $1 billion in annual sales - from 10 to 22. On average, annual organic sales have grown 5 percent, core earnings-per-share have grown 12 percent a year, and free cash flow productivity has been 112 percent a year since 2001. The company's market capitalization has more than doubled - making P&G one of the five most valuable companies in the United States and among the 10 most valuable companies in the world.
Lafley was succeeded as chief executive officer by Robert A. McDonald on July 1, 2009. He has continued to serve as chairman of the board to support the management transition, a practice that P&G has followed during multiple management changes over decades.
"I am retiring with confidence in Bob McDonald and his team," Lafley says. "Our strategies and plans are working; the company delivered a strong July - September quarter and we expect sequential improvement over the balance of the fiscal year. P&G is innovating across the business, investing in near-and longer-term growth, and maintaining rigorous cash and cost discipline. This is the right time to complete our management transition."
P&G also appoints Angela F. Braly, president and chief executive officer of WellPoint Inc., to its board of directors. The appointment is effective immediately.
"Angela is an experienced business leader in the critical health sector," comments A. G. Lafley, P&G chairman of the board. "She will be a valued addition to the P&G board."
WellPoint Inc. is the largest health benefits company in terms of medical membership in the United States, serving approximately 34 million members in its affiliated health plans. Prior to being named president and chief executive officer of WellPoint in June 2007, Braly served as WellPoint's executive vice president, general counsel and chief public affairs officer since April 2005. She served as president and chief executive officer of Blue Cross Blue Shield of Missouri (a WellPoint subsidiary) from August 2003 until April 2005.
Diageo
Diageo announces the appointment of Peter McDonough, currently president North America Innovation, to the role of president, chief marketing and innovation officer, effective Jan. 1, 2010. In conjunction with this appointment, Diageo will be combining the marketing and innovation teams to ensure the company is best organized to deliver top-line growth ambitions. McDonough will report to Larry Schwartz, president, Diageo USA.
"Looking ahead, we believe that marketing and innovation will become even more vital to achieving our strong growth ambitions," says Ivan Menezes, president and CEO of Diageo North America. "We are confident that combining these teams under one leader will bring significant benefits to the North America business and foster a more holistic growth strategy between organic and innovation growth."
During his three years with Diageo, McDonough has led a step-change in the company's innovation program, delivering significant growth and profits to the total business. Prior to joining Diageo, McDonough served in a variety of leadership roles within the consumer package goods industry in North America and Europe, including serving as vice president of both European and North American Marketing for Gillette and director of North American Marketing at Black & Decker Power Tools.
"Looking ahead, we believe that marketing and innovation will become even more vital to achieving our strong growth ambitions," says Ivan Menezes, president and CEO of Diageo North America. "We are confident that combining these teams under one leader will bring significant benefits to the North America business and foster a more holistic growth strategy between organic and innovation growth."
During his three years with Diageo, McDonough has led a step-change in the company's innovation program, delivering significant growth and profits to the total business. Prior to joining Diageo, McDonough served in a variety of leadership roles within the consumer package goods industry in North America and Europe, including serving as vice president of both European and North American Marketing for Gillette and director of North American Marketing at Black & Decker Power Tools.
Kellogg Company
Kellogg Company announces that Ronald Dissinger has been promoted to chief financial officer, Kellogg Company, effective Jan. 3, 2010.
Dissinger, who was previously vice president and chief financial officer for Kellogg North America, will provide strategic financial leadership across the company to help ensure that Kellogg continues to achieve its long-term, sustainable growth goals. Dissinger will serve as a member of the company's Global Leadership Team and report to John Bryant who had previously held the dual role of CFO and COO.
During his 22-year career with Kellogg, Dissinger has gained broad, global experience serving in a number of key financial leadership roles. Most recently, these include the dual position of chief financial officer, Kellogg Europe, and chief financial officer, Kellogg International, from 2005 to 2007, and later vice president and chief financial officer for Kellogg North America.
Dissinger, who was previously vice president and chief financial officer for Kellogg North America, will provide strategic financial leadership across the company to help ensure that Kellogg continues to achieve its long-term, sustainable growth goals. Dissinger will serve as a member of the company's Global Leadership Team and report to John Bryant who had previously held the dual role of CFO and COO.
During his 22-year career with Kellogg, Dissinger has gained broad, global experience serving in a number of key financial leadership roles. Most recently, these include the dual position of chief financial officer, Kellogg Europe, and chief financial officer, Kellogg International, from 2005 to 2007, and later vice president and chief financial officer for Kellogg North America.