The marketing chief who directed about $8 billion a year advertising products such as Tide detergent, Crest toothpaste and Gillette shavers is stepping down, the Procter & Gamble Co. said Tuesday.
Global marketing officer Jim Stengel, 53, will retire from the company _ the nation’s biggest advertiser _ in October after 25 years.
P&G said Marc Pritchard, 48, will take over global marketing on Aug. 1. Pritchard is 26-year company veteran who is currently president for strategy, productivity and growth. He previously was president for global strategy and before that, headed P&G’s global cosmetics business.
During Stengel’s seven years as marketing chief, P&G expanded its online marketing and focused on building consumer-brand loyalty. At an advertising trade conference last year, Stengel called for “a mind-set shift from ‘telling and selling’ to building relationships.”
P&G spokesman Paul Fox said Stengel hasn’t announced his specific plans. The company said Stengel, who will work on special projects during the transition, wasn’t available for comment Tuesday.
“Jim has helped change the way P&G markets our brands by challenging traditional marketing models and setting new standards for P&G marketing rooted in deep consumer understanding,” A.G. Lafley, the company’s chairman and chief executive, said in a statement.
Lafley and Stengel last month accepted the Advertiser of the Year award at the Cannes International Advertising Festival.
Pritchard has held several executive positions in P&G’s beauty and personal care businesses, areas the company has targeted for more growth. Lafley said Pritchard has a strong track record at P&G, has worked closely with Stengel the last two years and will be able “to drive ongoing brand-building excellence.”
Robert Passikoff, president of New York-based Brand Keys Inc., said it will be an interesting change for P&G, after the marketing innovations under Stengel.
“For such a long time they seemed to be looking to create new kinds of approaches in terms of integrated marketing,” he said. “One wonders if they’re looking for sales.”
Earlier Tuesday, P&G affirmed its revenue and profit outlook for its fiscal fourth quarter, saying it still expects earnings per share in a range of 76 cents to 78 cents, and for revenue to grow 8 percent to 10 percent over year-ago sales.
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