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Procter & Gamble Company on Thursday named chief operating officer and longtime executive Jon Moeller to head the consumer products giant as it battles rising costs.
Moeller will succeed CEO David Taylor, who will assume the role of executive chairman of P&G on November 1. During his 33 years with the company, Moeller served as CFO and Vice President, among other key roles.
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P&G, seen as a winning company in the COVID-19 pandemic as people working from home purchased national brands of packaged food and cleaning products, has been hit by rising costs for everything from transportation to paste and resin or to edible oils and nuts lately. month.
The company’s shares have been roughly flat for the year so far relative to the gains of the major indexes.
The Cincinnati-based company said in April it would raise prices for some products in the United States to offset rising costs.
PROCTER & GAMBLE TO INCREASE PRICES IN SEPTEMBER
P&G warned in June that rising transportation and raw material costs, amounting to around $ 600 million after tax, would affect profits this year. The company is expected to release its fourth quarter and full year results on Friday.
Analysts at the Bernstein brokerage have warned that the cost picture for P&G has continued to deteriorate in recent months and that the outlook for fiscal 2022 is “seriously grim.”
“The big questions for P&G, in our view, are less about fourth quarter performance and more about their guidance for fiscal 22, which will be the first direction we will get for the cost outlook to 2022. , and how long that inflation the pain can be. The signs on that forehead are not great, “Bernstein wrote in a note.
| Teleprinter | Security | Last | Change | Change % |
|---|---|---|---|---|
| PG | PROCTER & GAMBLE CO. | 139.48 | +0.72 | + 0.52% |
The company, behind brands such as Gillette, Head & Shoulders, Oral-B and Pampers, is expected to post quarterly revenue of $ 18.40 billion, slightly higher than the previous year, according to Refinitiv IBES.
However, analysts’ estimates for earnings per share of $ 1.08 were down 6.6% from a year earlier.
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Shailesh Jejurikar, CEO of P & G’s largest business unit, Fabric & Home Care, will take charge of operations effective October 1, the company said.
(Reporting by Arathy S Nair in Bangalore, editing by Shinjini Ganguli)
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