CEO Transition
As David Taylor’s tenure as CEO comes to completion on November 1st, Jon Moeller will take over responsibilities as Chief Executive Officer and President at Procter & Gamble. David Taylor will move to Executive Chairman of the Board (here). The company has seen a fair amount of turnover in the CEO position since 2009 when Bob McDonald was replaced by A.G. Lafley for his second stint as CEO. David Taylor succeeded Lafley in 2015 and will continue until November 2021 when Jon Moeller officially becomes CEO.
Incoming CEO
Jon Moeller, started with Procter & Gamble in 1988 as a cost analyst after graduating from Cornell University. He became Chief Financial Officer in 2009 and has worked in multiple roles. In December of 2020 Moeller was promoted to COO and less than eight months later the board elected him to serve as P&G’s next CEO.
Ongoing Cost Pressures
Although Moeller never served in a brand manager role at P&G, his finance and cost-cutting expertise should continue to be beneficial. Included in P&G’s year-end 2021 earnings report is an expected $1.9 billion after-tax headwind from increasing freight & commodity costs. As its new CEO he will need to lead P&G’s continued innovation and growth and at the same time find ways to offset substantial cost increases.
Disclaimer
This material is provided by Schmitt Wealth Advisers for informational purposes only. It is not intended to serve as a substitute for personalized investment advice or as a recommendation or solicitation of any particular security, strategy or investment product. Opinions expressed by Schmitt Wealth Advisers are based on economic or market conditions at the time this material was written. Economies and markets fluctuate. Actual economic or market events may turn out differently than anticipated. Facts presented have been obtained from publicly available sources (unless otherwise noted) and are believed to be reliable. Schmitt Wealth Advisers, however, cannot guarantee the accuracy or completeness of such information. Past performance may not be indicative of future results.
