Word: jager
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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...
Thanks to his easygoing demeanor and natural curiosity, he has begun to achieve what all of Jager's bluster could not: a transformation of the insular, arrogant culture that plagued P&G for decades. Once firm in the belief it needed to go it alone on everything, P&G is much more open to partnering with and learning from outsiders. One of Lafley's chief lieutenants, global-marketing officer James Stengel, occasionally meets with his peers at a range of other companies, from Kraft and Nestle to Toyota and Gucci, to keep abreast of new marketing trends--something that would...
...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...