Reports: P&G to shift McDonald to CEO post
CINCINNATI Procter & Gamble is expected to appoint COO Robert McDonald as its next CEO, succeeding A.G. Lafley, according to a Wall Street Journal report.
Citing people familiar with the situation, the board is expected to approve on Tuesday the appointment of the former 29-year company veteran. While a P&G spokesperson declined to comment, sources told the WSJ that Lafley will remain chairman, and likely will play a hands-on role in managing the company.
The transition is expected to take place on July 1.
During his tenure at P&G, Lafley has revitalized the company and coordinated the $57 billion acquisition of Gillette Co., creating a consumer products powerhouse with more than 20 billion-dollar brands.
The recession has hampered P&G’s business as consumers are curbing spending, and in May, the company issued a lower-than-expected earnings forecast for fiscal 2010. But at least one source told the WSJ that Lafley’s departure has been in the works for at least two or three years and is not related to any dissatisfaction with his performance.
McDonald, a West Point graduate who served as a U.S. Army captain, joined P&G in 1980. He rose through the ranks quickly, managing such brands as Solo, Cascade, Tide and Dawn. In the 1990s, McDonald spent his time in Asia as P&G expanded its reach beyond North America. In 2004, he was appointed vice chairman global operations and has served as COO for the past two years.
Energizer Holdings completes shave preparation acquisition
ST. LOUIS Energizer Holdings announced Friday the closing of its acquisition of the Edge and Skintimate shave preparation business from S.C. Johnson & Son, Inc. for an aggregate purchase price of $275 million.
Energizer Holdings, headquartered in St. Louis and incorporated in 1999, is a consumer goods company operating globally in the broad categories of household and personal care products.
Energizer’s personal care division offers a diversified range of consumer products in the wet shave, skin care feminine care and infant care categories. The company’s portfolio includes well established brand names such as Schick and Wilkinson Sword men’s and women’s shaving systems and disposable razors; Playtex tampons, gloves and infant-feeding products; Banana Boat and Hawaiian Tropic sun care products; and Wet Ones moist wipes.
CCA Industries donates $400K to YSC
NEW YORK The makers of Nutra Nail participated in an event dedicated to raising breast cancer awareness in young women.
In Living Pink was a tenth anniversary celebration for the Young Survival Coalition, the premier international organization dedicated to critical issues unique to women diagnosed with breast cancer at ages 40 and under.
Nutra Nail, one of CCA Industries’ top brands has donated nearly $400,000 to YSC.
Dunnan D. Edell, president, COO of CCA Industries, joined industry leaders and the YSC at the event, which was held April 23 at the Edison Ball Room in New York City.