Household products maker giant Procter & Gamble (PG) announced a major reorganization plan on Thursday centered on reorganizing its household care and beauty and grooming businesses under four sectors: Global Baby; Feminine and Family Care, Global Health and Grooming; and Global Fabric and Home Care.
The company named four group vice presidents to lead the units, all of whom will report directly to CEO A.G. Lafley, and all are rumored candidates to eventually replace Lafley, who was recently brought back as CEO to help spark the pace of change and improvements at the company.
Martin Riant, Deborah Henretta, David Taylor and Giovanni Ciserani will lead the newly formed business units, and the company also announced Charles Pierce will assume head role of New Business Creation, taking over for Jorge Mesquita, who is leaving the company.
PG was up fractionally in early morning trading on the news.
Written by Marc Bastow, Assistant Editor at InvestorPlace.com, who does not hold a position in any of the aforementioned securities.