Former P&G executive joins private equity firm
NEW YORK Former Procter & Gamble chairman, president and CEO A.G. Lafley has joined private equity firm Clayton, Dubilier & Rice as a special partner.
“Private equity can be a powerful agent of constructive change and corporate renewal,” stated Lafley. “CD&R’s successful history of building long-term value by improving the operational performance of its portfolio businesses exemplifies the positive role that private equity can play in the economy and is what attracted me to the firm.”
In his 32-year career at P&G, Lafley served in a variety of leadership positions, including nine years as president and CEO. Originally brought on in P&G’s marketing division in 1977, Lafley held numerous senior management positions before being named group VP in 1992, an EVP in 1995 and, in 1999, president of global beauty care and North America. He served as CEO from 2000 to 2009 and as chairman from 2002 to 2009.
As CEO, Lafley led a dramatic transformation of P&G, which included re-focusing the company on: core businesses and brands; faster-growing and higher-margin beauty, grooming and healthcare segments; and building market share in developing countries. Under his leadership the number of P&G billion-dollar brands grew from 10 to 24, and the company more than doubled sales from $38 billion in 1999 to $79 billion in 2009. The company’s market capitalization also more than doubled.
“A.G. has proven to be one of the most effective corporate leaders of the 21st century, and we are very pleased to welcome him to CD&R,” stated Donald J. Gogel, president and CEO of CD&R. “His experience building strong business operations, promoting innovation, and spurring growth across global markets enhances our value creation capabilities.”
Lafley is on the board of directors of General Electric and has served as a director at General Motors Corp. and Dell Inc. during the last five years. He also serves as chairman of the Hamilton College Board of Trustees.
Revlon gears up for EIF Revlon Run/Walk for Women
LOS ANGELES Revlon brand ambassadors Halle Berry, Jessica Alba and Jessica Biel, along with Dr. Oz and Jesse Martin, will host the 2010 Entertainment Industry Foundation Revlon Run/Walk for Women with a performance by Trey Songz in New York on May 1.
The following week Julie Bowen of ABC’s “Modern Family” and Carrie Ann Inaba of ABC’s “Dancing with the Stars” will co-host the Los Angeles Run/Walk on May 8 during Mother’s Day weekend.
The EIF Revlon Run/Walk event is one of the nation’s largest single-day fundraisers to support women’s cancer research, counseling and outreach programs in New York City and Los Angeles.
The 13th annual New York race starts in Times Square and finishes in the East Meadow of Central Park. It attracts nearly 25,000 participants. The 17th annual Los Angeles race takes place at the Los Angeles Memorial Coliseum at Exposition Park and attracts close to 45,000 participants each year. The EIF Revlon Run/Walk for Women was launched in 1993 through the combined efforts of Lilly Tartikoff, Ronald O. Perelman, chairman of Revlon Inc., and EIF. Since its inception, nearly $58 million in grants have been made from the combined events in New York and Los Angeles.
“Throughout the years, this event has touched hundreds of thousands of women, men and families who have been personally affected by cancer. Through their participation, undying support and commitment to find a cure we have been able to make the EIF Revlon Run/Walk one of the nation’s largest and most successful events,” stated Perelman, who also serves as co-founder of the Revlon/UCLA Women’s Cancer Research Program.
Nail polish a comforting cosmetic buy, Kline research finds
LITTLE FALLS, N.J. During these tough economic times, women are turning to nail polish as a little pick-me-up, according to recent data by worldwide research and consulting firm Kline.
While U.S. sales in the cosmetics and toiletries market declined 0.8% in 2009, nail polish proved to be the winner and was the only category to post a double-digit increase. Nail polish reached 14.3% growth in 2009. Kline attributed the growth in nail polish to its return in the fashion world, as well as the shift from nail salons to at-home manicures as consumers skipped pricey salon visits to cut costs. Nail industry marketers also responded well to consumer demand and focused on new launches.
Meanwhile, lipsticks and lip gloss dropped 5.3% in 2009. Fragrances have suffered the most while other toiletries, such as personal cleansing products, shaving products and deodorants, suffered the least.
“The beleaguered fragrance market took an even harder hit in 2009 than it did in 2008, when we started to see serious decline,” stated Nancy Mills, industry manger for Kline’s Consumer Products Practice. “There are a number of factors contributing to this, including fragrances losing their appeal as gifts, and over-crowded selection of fragrances leading to consumer confusion. On the other hand, anti-bacterial hand gels had a stellar year, with sales partly boosted by the unfortunate H1N1 flu epidemic. It is evident that practical purchases and small indulgences kept the industry alive during this very difficult period.”
Kline also noted that, in 2009, natural products continued to proliferate through the mainstream channels, including mass market and direct sales. However, most of the natural product offerings are only natural-inspired with fewer chemicals that conventional products, but still contain synthetic ingredients.