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Procter & Gamble Co. Chairman John Pepper and President-CEO A.G. Lafley are scheduled to address P&G employees at 8 a.m. and financial analysts at 8:45 a.m. in Webcasts in which they're expected to discuss the company's restructuring plans.

Rumors of impending job cuts broader and deeper than the 15,000 originally anticipated in the restructuring -- including cuts reaching into previously unscathed ranks of marketing directors and brand managers -- have swirled among P&G employees for weeks. In a meeting with executives, Mr. Lafley said the company isn't reaching its targeted job reductions through voluntary separations fast enough, and that deeper cuts may be required, according to executives close to P&G.

Only 5,000 to 6,000 of the originally targeted job reductions have been made so far, and P&G has come under pressure from some investors and Wall Street analysts to make deeper cuts as profit margins have fallen amid sluggish sales in recent quarters.

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Copyright March 2001, Crain Communications Inc.

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