P and G board backs CEO McDonald
Wednesday, July 18, 2012
The board at Procter and Gamble Company announced its support of its chief executive officer amid reports that a change may be on the horizon.
Bloomberg reports that the board had discussed whether or not to replace CEO Robert McDonald but instead have put their support behind his vision to turn the company around.
"(McDonald has) about another year’s grace period,” Victoria Collin, an analyst at Atlantic Equities in London who rates P and G neutral, the equivalent of a hold, told the news source on July 18 in a telephone interview. “It’s difficult to implement such a change on a company the scale of P and G.”
The news source states that McDonald, 59, has been CEO of Procter and Gamble for nearly three years but has been under scrutiny by analysts recently because P and G is losing market share to its competitors.
Analysts were waiting with bated breath for the board's decision as activist investor Bill Ackman reportedly was ready to demand certain changes following the company's tumble.
Investors should stay knowledgeable of P and G's progression and McDonald's success in turning the company around in the near future.
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