CINCINNATI: Procter & Gamble's global marketing officer, James Stengel, plans to retire August 1. The 25-year veteran will be succeeded by Marc Pritchard, who currently serves as president – strategy, productivity, and growth. The Wall Street Journal broke the story earlier today.
"Jim Stengel has reinvigorated P&G's marketing function and strengthened P&G's capability as one of the world's leading brand builders," A.G. Lafley, P&G's chairman of the board and CEO said in a statement.
The company is focused on a “seamless transition” over the next few months, according to Jeannie Tharrington, external relations manager, P&G.
“[Pritchard] will take time settling into his new role and working on priorities," Tharrington said. "He has a lot of knowledge and experience in branding and all those things will enable him to drive ongoing brand building for the company.”
Lafley's statement added that Pritchard "is the right leader at the right time to take P&G marketing into the future."
"He's worked side-by-side with Jim Stengel for the past two years to strengthen P&G's brand-building capability and his deep knowledge and experience in branding, innovation and go-to-market capability will enable him to drive ongoing brand-building excellence."
Pritchard will report to Robert McDonald, COO.
According to Tharrington, Stengel has not announced his future plans, and neither he nor Pritchard are currently granting interviews.