Trian Partners Activist Presentation Deck
CEO Succession Planning Has Been An Area of Weakness for P&G's Board
A.G. Lafley
■
2002-
Jul 2009
P&G's CEO Timeline
Bob
McDonald
Jul 2009 -
May 2013
A.G. Lafley
May 2013 -
Nov 2015
There have been 3 CEO changes in the past 8 years
▪ All 3 CEO's have been internal candidates with NO external experience
David
Taylor
Nov 2015 -
Today
We do not know whether P&G seriously considered any truly external CEO candidates
But very few if any senior P&G executives considered for CEO had meaningful outside
experience, suggesting limited opportunity to promote an internal leader with outside
perspectives
▪ 2 of 3 had short-lived tenures as CEO (Bob McDonald 4 years, A.G. Lafley 2 years)
Limited tenure results in limited ability to effect meaningful and consistent change
A.G. Lafley never committed to move back to Cincinnati during his second stint as CEO,
running the Company while commuting from Florida
Company lost market share during all three transitions
▪ Half of P&G's existing Directors were on the Board for all 3 CEO transitions
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