David Waddell, CEO and Chief Investment Strategist of Waddell & Associates, discusses the stock market’s response to President Donald Trump’s economic policies regarding “making money.”
Proctor & Gamble said it will be cut Thursday Up to 7,000 jobs, Or, 15% of the non-manufacturing workforce over the next two years as part of a broader restructuring effort.
“As always, employee separation is managed with support, respect and in line with our principles, values and local law.” P&G said. “At this time, certain local or site effects are not available.”
The two-year restructuring plan comes as the 2025 consumer goods P&G and Unilever braces reduce demand caused by increasing uncertainty due to US tariffs.
The cuts were announced as part of the restructuring plan. (Reuters/Brendan McDermid/Reuters)
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“This is not a new approach, it’s a deliberate acceleration of our current strategy. To win in an increasingly challenging environment where we compete,” a P&G executive told the Deutsche Bank Consumer Conference in Paris on Thursday.
With the organizational change, P&G said it wanted to make the roles more broad, smaller teams and more efficient, with digitalization and automation.
| Ticker | safety | last | change | change % |
|---|---|---|---|---|
| pg | Procter & Gamble Co. | 163.83 | -2.13 |
-1.28% |
Under the restructuring, we are also considering adjusting our portfolio. That includes withdrawing several categories, brands, and products in a particular market, and selling several possible brands.
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According to the company, portfolio changes can “help a variety of benefits within the supply chain, including efficiency, innovation, and cost savings.”
“Consumers are facing us in the future Greater uncertainty. The competition is fierce. The geopolitical environment is unpredictable. And P&G says that technology is rapidly changing almost every aspect of everyday life. At the same time, we can unleash significant growth by better meeting the needs of now-underserved consumers, expanding into new segments and expanding to best-in-class levels. ”
Tide, a laundry detergent owned by Procter & Gamble Company, will be found on store shelves in Miami, Florida on October 20, 2020. (Joe Raedle / Getty Images / Getty Images)
The company said “disciplined implementation of our integrated growth strategy and implementing more disciplined resource allocation” will help the company “pursuing growth opportunities and addressing an increasing number of short-term challenges.”
The makers of Tide detergent and Pampers diaper had around 108,000 employees as of June 2024.
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P&G expects to record fees between $1 billion and $1.6 billion before the two-year tax.
Reuters contributed to this report.
