President Obama’s answer to dealing with poor duty performance at the Department of Veterans Affairs is a man, Robert McDonald who was considered for removal as CEO at Procter and Gamble for poor duty performance.
Procter & Gamble Co. (PG) board members are dissatisfied with Chief Executive Officer Robert McDonald’s performance and are discussing a possible leadership change, according to people familiar with the situation.
Some P&G directors are talking about contacting former executives to potentially take the top job, said one of the people, who declined to be identified because the matter is private. James McNerney, who is chairman of the board’s compensation and leadership development committee, has told other members of the board he is unhappy with McDonald’s performance, especially after the company cut forecasts three times this year, another person said.
The board’s discussions in part coincide with activist investor William Ackman taking a stake in P&G. Ackman plans to press for management changes and is seeking more investors to join his push, the people said.
The moves increase pressure on McDonald, 59, who has been CEO for about three years and came under fire from analysts earlier this year when P&G lost market share to competitors. The stock had fallen 8 percent this year through July 11, giving the Cincinnati-based company a market value of about $168 billion. The shares rose 2.7 percent to $65.43 at 11:56 a.m. in New York.