P&G Names New President And CEO
Procter & Gamble's Board of Directors is naming Vice Chairman and Chief Operating Officer Jon R. Moeller as the company's next president and CEO. He succeeds David Taylor.
The change takes effect Nov. 1, 2021, at which point Taylor will become executive chairman. In that role he'll lead the board of directors and "provide advice and counsel to the CEO and P&G leadership on company decisions," according to a statement from the Cincinnati-based consumer products corporation.
“We thank David for his strategic leadership and guidance over the last six years as the Company has returned to consistent balanced growth and value creation," writes James McNerney, lead director of P&G's board. "A strong plan for sustained success is in place and the Board unanimously agrees that now is the time to transition to Jon as CEO. We are fortunate and grateful to have David continue as Executive Chairman."
McNerney says the board has confidence in Moeller and calls him an "integral part" of the company's leadership team for the past two decades.
Moeller has been with P&G since 1988, joining the leadership team in 2009. He's served as chief financial officer, chief operating officer and vice chairman. He says he's honored by the new role.
"My confidence in the future is rooted in my confidence in P&G people. They are committed to lead, motivated to win, and have a strong focus on sustained excellence in everything we do—serving consumers and delivering for shareholders through an integrated strategy that is delivering balanced growth and value creation," he says in the release.
Shailesh Jejurikar was elected to take over the role of chief operating officer, effective Oct. 1, 2021.
Taylor calls his stint as CEO the "honor of a lifetime," adding "The board and I are confident the time is right to transition the role of CEO, and I look forward to supporting Jon, Shailesh and the entire team as they continue to raise the bar to win with consumers and customers around the world and deliver sustained excellence."
The release does not specify why Taylor is stepping away from CEO position.
Taylor's stint at the helm included staving off an attempt by activist investor Nelson Peltz to obtain a seat on the board of directors in 2017. Later that year, however, the company named Peltz to its board anyway, noting he'd won a large number of votes from shareholders.