Marc Pritchard, current President of Strategy, Productivity and Growth, will be replacing him, according to the company. Pritchard ran P&G's cosmetics division and recently steered a global restructuring. Pritchard will begin August 1, when Stengel spends his last months working on special projects for the company.
In a letter to industry insiders Stengel said his plans after P&G include authoring a book, working with a university and consulting at agency GSD&M Idea City in Austin. A representative from GSD&M Idea City said it wasn't clear what Stengel's role might be but confirmed agency founder Roy Spence is set to open a separate company called The Purpose Institute, details of which are being worked out with Omnicom.
Stengel, 53, oversees P&G's $5.3 billion dollar marketing budget, the largest in the world. (If you're keeping score at home that would rank 135th in nominal Gross Domestic Product, according to 2007 figures, just after West African nation Benin. Or running Tide "Interview" over 1,960 times at Super Bowl XLII prices, $2.7 million per 30 seconds.)
Stengel, along with P&G CEO A.G. Lafley, picked up the award for 2008 Advertiser of the Year at Cannes last month, largely on the strength of recent work from Saatchi & Saatchi, New York for its Tide brand. This year the marketer won 13 Lions, including Gold in Film for Saatchi's Crest work which is Super Bowl-bound. Since 2003 the marketer has taken home 53 Lions from Cannes.