P&G names Moeller to leadership team as CFO
CINCINNATI Procter & Gamble has announced that Jon Moeller, current vice president and treasurer, will become the new chief financial officer, effective Jan. 1, 2009.
Moeller succeeds Clayton C. Daley Jr., vice chairman and chief financial officer, who will retire Sept. 16, 2009, after 35 years of service. He will step down as chief financial officer on Jan. 1, but will continue to serve as an advisor to chairman and chief financial officer A.G. Lafley.
“Jon Moeller has been an integral part of P&G’s leadership team for nearly a decade. He brings strategic leadership, tough-minded discipline, and a 20-year track record of strong business and financial results,” stated Lafley.
Moeller, who has worked in nearly every part of the P&G business from laundry and cleaning in China to beauty and health globally, has led major merger and acquisition operations, including the Wella acquisition and recent divestiture of Folgers.
Alberto Culver reports record sales for Q4 2008
MELROSE PARK, Ill. Alberto Culver, whose brands include TRESemme, Alberto V05, Nexxus and St. Ives, reported record sales and pre-tax earnings from continuing operations for its fourth quarter and fiscal year.
“We are very pleased to have completed another year of record sales and pre-tax earnings growth for Alberto Culver and our shareholders. Despite soft hair care category trends in key markets like the United States and the U.K., we were able to generate high single-digit organic revenue growth in both the quarter and the year,” president and chief executive officer V. James Marino said. “In the fourth quarter, we also successfully completed the divestiture of Cederroth International and, on Oct. 1, acquired Noxzema, adding an iconic, well-known skin care brand to our portfolio.”
As a result of the Cederroth International divestiture, continuing operations exclude the results for Cederroth.
In the fourth quarter, net sales increased 7.3 percent to $386 million from $359.7 million in the year-ago period.
Pre-tax income from continuing operations increased 20.2 percent to $45.4 million from $37.8 million in the year-ago quarter. Excluding restructuring of $1.6 million in the current quarter and $1.1 million in the prior year quarter, pre-tax earnings from continuing operations increased 21 percent to $47 million compared with $38.9 million in the year-ago period.
Fiscal fourth-quarter profit from continuing operations was $20.2 million, or 20 cents per share, compared with $29.4 million, or 29 cents per share, in the year-ago period.
For the fiscal year, net sales increased 9.7 percent to $1.44 billion from $1.32 billion.
Pre-tax income from continuing operations, which includes restructuring and discrete items of $7.3 million in the current year and $33.1 million in the prior year, increased to $170.8 million from $100.8 million in the prior year. Excluding restructuring and discrete items, pre-tax earnings from continuing operations increased 33 percent to $178.1 million compared with $133.9 million in the year-ago period.
Earnings from continuing operations were $106 million compared with $72.6 million in the year-ago period. Diluted earnings per share from continuing operations increased to $1.05 from 74 cents in the year-ago period.
Celeb stylist, Kate Hudson collaborate on WildAid hair care line
LOS ANGELES Celebrity hairstylist David Babaii and actress Kate Hudson have announced the launch of retail partnerships with select Target, CVS and Duane Reade stores for the David Babaii for WildAid hair care line beginning this fall.
International distribution of the eco-friendly line is slated for 2009.
“We are thrilled to work with Target, CVS and Duane Reade since they provide consumers with an opportunity to buy professional grade products at cost effective prices,” Babaii said.
As previously reported by Drug Store News, Hudson and Babaii teamed up to develop the hair care line, and a percentage of the revenue benefits the global wildlife conservation organization WildAid.
WildAid works with governments and communities of the world to reverse the devastation to the planet’s wildlife. Their mission is to end the illegal wildlife trade and allow threatened species to recover to safe levels. The non-profit organization is based in San Francisco with representation in China, India, Galapagos, London and New York.
Made with a blend of natural ingredients, the products are free of sulfates, parabens, animal products and animal testing.