Flashback: P&G sought to Replace McDonald due to poor duty performance

President Obama’s answer to dealing with poor duty performance at the Department of Veterans Affairs is a man, Robert McDonald who was considered for removal as CEO at Procter and Gamble for poor duty performance.

Procter & Gamble Co. (PG) board members are dissatisfied with Chief Executive Officer Robert McDonald’s performance and are discussing a possible leadership change, according to people familiar with the situation.

Some P&G directors are talking about contacting former executives to potentially take the top job, said one of the people, who declined to be identified because the matter is private. James McNerney, who is chairman of the board’s compensation and leadership development committee, has told other members of the board he is unhappy with McDonald’s performance, especially after the company cut forecasts three times this year, another person said.

The board’s discussions in part coincide with activist investor William Ackman taking a stake in P&G. Ackman plans to press for management changes and is seeking more investors to join his push, the people said.

The moves increase pressure on McDonald, 59, who has been CEO for about three years and came under fire from analysts earlier this year when P&G lost market share to competitors. The stock had fallen 8 percent this year through July 11, giving the Cincinnati-based company a market value of about $168 billion. The shares rose 2.7 percent to $65.43 at 11:56 a.m. in New York.

Read More – P&G’s Directors Said to Discuss Need to Replace CEO McDonald

About the Author

Politisite delivers the latest Breaking Political News, Debate Coverage, Election Results, Commentary and Analysis. We provide in-depth news with special reports and interactive political coverage. Politisite was a pioneer in internet political news gathering and dissemination. Politisite came live in early 1998 and become the first internet only news source to cover local, state, and national political campaigns, debates and elections. Before there were the terms Blog, Blogger, New Media, or Crowd-sourcing, Politisite was developing what has become the standard in political news coverage, long before most political sites were even conceived. The Name ‘Politisite” simply means Political Website.

Author Archive Page

1 Comment

Post a Comment