P&G announces executives leaving, others promoted
P&G announces executives leaving, others promoted
P&G announces executives leaving, others promoted
Johnson, 64, will retire June 1. He will be succeeded by Steven Jemison, 56, P&G's deputy general counsel.
P&G, which is the parent company of Vandalia-based pet food maker Iams Co., made the announcement while also reporting the promotion of John Goodwin, 44, to head its newly revised snack and pet care division. The division is the process of breaking out its $1.6 billion Folgers coffee business - acquired by P&G in 1963 - into a separate company.
The division's former head, Jamie Egasti, will head up the new Folgers Coffee Co. when P&G finalizes that transaction, likely between July and December. Goodwin's promotion is immediate.
Ali Dibadj, an analyst covering P&G for Sanford C. Bernstein, called Goodwin a "very strong piece " of P&G's future leadership.
"I've known Goodwin for a while. He's a great, unique combination of solid, strategic thinking and operational acumen," Dibadj said. He added that Goodwin is facing a challenge, particularly in the pet care business, and he'll be responsible for turning that around. "But he is, again, a very strong performer."
The promotions in all demonstrate the depth of P&G's executive bench, said Matt McCormick, portfolio manager at Bahl & Gaynor in Cincinnati, which owns 6.8 million shares of P&G (NYSE: PG). McCormick compared the appointment of Goodwin, for instance, to the Reds bringing in an all-star player to replace another heavy hitter.
"When you reach that level, to be considered for these types of roles, you've been tested, you've been vetted," he said. "They're just reloading is how I would phrase it."
Goodwin, born in
Johnson, born in
"He is broadly respected for the clarity of his advice and counsel which has enabled the company to operate to the highest possible standards," P&G CEO A.G. Lafley said of Johnson, in a statement. "Steve is an exceptional lawyer and leader who will continue to provide high levels of counsel and service in his new role."
Cincinnati-based P&G is the largest consumer products maker in the world, with 2007 sales of $76.5 billion and hundreds of brands, including Tide, Pampers and Olay.
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