Word: jager
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Dates: during 2000-2009
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Things looked very different little more than two years ago, when Lafley, 55, took over P&G, based in Cincinnati, Ohio. His gruff predecessor, Durk Jager, had launched a crash course to shake up the notoriously insular, slow-footed company but was forced out after just 17 months of expensive product launches that left consumers yawning. P&G had repeatedly failed to deliver expected earnings, and its stock tumbled 50% in six months. With most of the company's resources and best people focused on developing the next blockbuster new product, sales for the established brands were stagnating, market share...
...play the guitar along with the younger of his two sons, who is in high school. Even as a member of a fraternity at Hamilton, Lafley was known as a consummate consensus builder. Around P&G, he is admired for being unusually approachable and a great listener. Unlike Jager, who alienated his top managers so much that they stopped keeping him in the loop, Lafley "wants to hear any bad news--and as a result, he hears far less of it," says Gary Stibel, CEO of the New England Consulting Group and a longtime P&G watcher...
...they should be. For years boards allowed underperforming ceos to bumble onward; after all, many board members are CEOs too. But increasing pressure has forced them to oil the trapdoor. Boards, just like stockholders, don't want to be surprised. ceos such as McGinn and Procter & Gamble's Durk Jager, who was forced out in June, were sunk by overly rosy earnings projections. In both cases, the chief executive predicted better earnings than he could deliver--twice in Jager's case, three times in McGinn's. At Gillette, director Warren Buffett, famous for his long-term approach, couldn't wait...
...corporate America, discussing the mobility of dairy products sure sounds a lot less threatening than terms such as restructuring, re-engineering and outsourcing. Durk Jager, chief executive of Procter & Gamble, a company in the midst of a huge overhaul, posted a notice on the employee website recommending it. Lew Platt, former head of Hewlett-Packard, endorsed it in a speech. Larry Johnson, CEO of the Bank of Hawaii, handed out 4,000 copies to staff members and asked them to discuss the story with their managers. Says he: "Our objective was to try and condition employees as much as possible...
...wouldn't know it by last week's market massacre, but Jager is doing a pretty good job so far. He's pushed out a wide array of new products, including an electrostatic mop called the Swiffer and a fabric deodorizer dubbed Febreze that are each on track to rack up some $400 million in sales in their first year. He hasn't been shy about growing through acquisitions either: he's already shelled out $2 billion for high-end pet-food maker Iams, and he recently tried to snatch the pharmaceutical firm Warner-Lambert from Pfizer...