P&G’s CEO Lafley Won’t Speak on Most Earnings CallsLauren Coleman-Lochner
Procter & Gamble Co. Chief Executive Officer A.G. Lafley won’t speak on the company’s first-quarter earnings call Oct. 25 and only will participate at major investor meetings and the year-end call in August.
The move will free him from the demands of preparing for the quarterly calls, Paul Fox, a spokesman, said today in a telephone interview. Chief Financial Officer Jon Moeller will be joined on the calls by John Chevalier, the company’s head of investor relations, Fox said.
Lafley, who began his second stint as CEO of the world’s largest consumer-products company in May, led the company’s fourth-quarter earnings call in August. He told listeners that P&G had dedicated itself to “really understanding the consumer, really winning with the consumer.”
Lafley, 66, previously led the company from 2000 to 2009. He was brought back to replace Bob McDonald after sales growth trailed competitors and the company lost market share in important categories such as beauty products.
P&G earlier this year said it would move to issuing guidance only on an annual basis instead of quarterly.
Having Lafley on the calls only once a year “reflects our focus on annual results and trends rather than quarterly results and is consistent with our recent move to fiscal guidance,” Fox said in an e-mail.
P&G, based in Cincinnati, rose 1.8 percent to $80.38 at the close in New York. The shares have gained 18 percent this year, compared with a 20 percent increase for the 40-company Standard & Poor’s 500 Consumer Staples Index.
Linda Bolton Weiser, an analyst at B. Riley & Co. in New York, reported Lafley would skip the calls in a note yesterday.