P&G shocker: CEO Jager steps down

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Procter & Gamble Co. Chairman-CEO Durk Jager shocked Wall Street and the marketing world June 8 by stepping down, as P&G announced it would again fail to meet previously announced sales and earnings numbers. A.G. Lafley, president-global beauty care, will take the reins as president-CEO. Former Chairman-CEO John Pepper comes out of retirement to resume his role as chairman.

"The magnitude and pace of change we undertook this fiscal year is a major factor in our results," said Mr. Lafley in a statement to analysts. "In hindsight, it's clear we changed too much too fast."

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(Pick up the June 12 issue of Advertising Age for a detailed analysis.)

Copyright June 2000, Crain Communications Inc.

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