Procter & Gamble Co., which has been struggling to increase sales in recent quarters, promoted its chief operating officer to become chief executive officer on January 1.
Shailesh Jejurikar, 58, who joined the company in 1989, will replace Jon Moeller, according to a statement. Moeller, who was named to the top job about four years ago, will become P&G’s executive chairman, the company said.
The shares were unchanged in postmarket trading on Monday. The stock had fallen 6.3% this year through Monday’s close, while the S&P 500 index has gained 8.6%.
Jejurikar will move into the CEO role at a time when the consumer goods conglomerate, like other companies, is struggling to navigate US President Donald Trump’s trade war and economic uncertainty. P&G, maker of Tide detergent and other household items, cut its annual sales and profit outlook last quarter, citing tariffs and volatility in consumer demand. The company is scheduled to report fourth-quarter earnings on Tuesday morning.
When asked about the timing of the CEO transition, Moeller said in an interview that he’s been at P&G for nearly four decades. P&G follows a “promote from within” model, said Moeller, who like Jejurikar, served as chief operating officer before assuming the top job.
“I feel great about the team that will continue leading us,” said the 61-year-old Moeller. The appointment of Jejurikar is “strengthening what we’ve been doing,” and that includes executing the restructuring program the company announced in June, Moeller said.
Among the challenges his successor will face are a shifting regulatory environment, tariffs and divisiveness at a societal, political and geopolitical level, Moeller said. “Those are all things that affect consumer confidence, consumer behavior,” he said. “I’ll be there to help.”
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
