The new CEO of P & G, David Taylor, has recently announced that the company will hire additional people from outside; some will be for its marketing ranks. This will be the biggest transformation ever to the legendary practice of Procter & Gamble of using manpower from within the organization.
Taylor revealed this new direction of the world's largest producer of consumer items on Thursday, to the Consumer Analyst Group of New York, in Boca Roca, Fla.
This was only one of several measures Taylor outlined at his first public appearance as the new chief of P & G, a position he took over in November, 2015.
The company must be more agile in its decision making, said Taylor, during his first talk with several analysts after taking his position.
The financial experts have suggested that the world's biggest manufacturer of consumer products should be divided into more manageable entities to give more control to its numerous regional centers.
There were also criticisms thrown at Procter & Gamble for its slow reaction to shifting trends in major consumer markets like China.
"A few years ago we got too central and global and too slow to address market opportunities. We need more direct ownership for our regional managers all the way to the store shelf," stated Taylor during an analyst conference in New York.
"Taylor's diagnosis is correct and it is encouraging to hear someone talk about the root of the problem," stated Neil Saunders, CEO of Conlumino, a retail research firm.
P & G is also set to unveil its schedule of cost cutting measures amounting to $10 billion for the next five years. This is the same as the austerity measures taken by the company at the same conference four years ago.
However, Jon Moeller, Procter & Gamble Chief Financial Officer did not offer any details, although a spokesman said that cost cuttings will come mainly from the costs of goods sold.
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