P&G executive reshuffle extends to appointment of new director

By Simon Pitman

- Last updated on GMT

P&G executive reshuffle extends to appointment of new director

Related tags Board of directors Corporate governance

Proctor & Gamble has appointed Francis S. Blake, former CEO of Home Depot, to its board of executive directors, the latest move in a series ultimately aimed at revamping the business.

Blake will serve on the Audit and Governance & Public Responsibility committees of the board, where his top-level executive experience is expected to come into play in helping to shape the new direction for the business.

The 65 year-old stepped down after seven years from his position at the helm of home improvements retailer Home Depot in November 2014, and he retired from the position of chairman of the business’s executive board at the beginning of this month.

Government and corporate experience

A.G. Lafley, P&G CEO, said that Blake was highly respected as one of the most prominent business leaders in the US, in welcoming him to the company’s executive board.

“His vision, strategy and focus on execution led Home Depot to strong and sustained business growth,” ​said Lafley. "We will deeply benefit from his management expertise and retail experience.”

Blake is also a member of the board of directors for Delta Airlines and the Georgia Aquarium, and in the past has held an executive position at General Electric, as well as being appointed as deputy secretary for the US Department of Energy in 2001.

P&G shakes up to shape up

The announcement comes in the wake of several high-level executive shuffles in recent months, most notably appointing David Taylor to the position of head of beauty, a post some industry observers believe is lining him up for the top job.

P&G is currently undergoing a major restructuring as it attempts to put a stop to a long-term downward trend for its sales.

Most recently, the company announced its second quarter results, ending December 2014, in which net sales were down 4% to $20.2bn, figures that were significantly impacted by negative currency translations.

Since 2012 the company has shed more than 10,000 jobs worldwide, in August last year it announced it was undergoing a major brand revamp that could see it sell up to 100 brands as it tries to focus on the more successful lines in its portfolio.

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