Latest news with #Schulten
The Star
5 days ago
- Business
- The Star
Procter & Gamble to cut 7,000 jobs as part of restructuring program
NEW YORK, June 5 (Xinhua) -- U.S. consumer goods giant Procter & Gamble (P&G) on Thursday revealed its plan to eliminate 7,000 non-manufacturing jobs, approximately 15 percent of its current total non-manufacturing workforce. The reduction of workforce will take place over the next two fiscal years staring from July 1, 2025, according to a release by P&G. "Specific impacts by region or site are not available at this time," the company added. In response to the job cuts, P&G stated, "As always, employee separations will be managed with support and respect, and in line with our principles and values and local laws." This initiative is part of a broader strategy to accelerate growth and value creation by enhancing productivity across the company's portfolio, supply chain, and organization design. This move is expected to result in pre-tax charges between one billion U.S. dollars and 1.6 billion U.S. dollars over the next two fiscal years, according to the release. P&G plans to divest certain brands and product categories, particularly in markets where it faces economic challenges. Additionally, P&G aims to enhance supply chain efficiency by right-sizing and right-locating production. The company also intends to create a more agile organizational structure, incorporating digitization and automation to drive further efficiency gains. The announcement was made during the 2025 Deutsche Bank Global Consumer Conference, where P&G's executives emphasized the importance of these strategic adjustments in maintaining the company's competitive edge in the consumer goods industry. The restructuring does not remove the near-term challenges facing P&G now, according to P&G Chief Financial Officer Andre Schulten. Current tariffs would result in a three cent to four cent-per-share drag on P&G's earnings in its fiscal fourth-quarter ending on June 30, according to Schulten. Tariffs also are expected to cost the company 600 million U.S. dollars in fiscal year 2026, which starts from July 1, 2025.
The Advertiser
5 days ago
- Business
- The Advertiser
Gillette and Pampers maker says it will cut 7000 jobs
Procter & Gamble will cut up to 7000 jobs over the next two years as the maker of Gillette and Pampers nappies implements a restructuring program at a time when tariffs are raising costs for US companies and consumers are growing anxious about the economy. The job cuts, announced at the Deutsche Bank Consumer Conference in Paris on Thursday, make up approximately six per cent of the company's global workforce, or about 15 per cent of its non-manufacturing positions, Chief Financial Officer Andre Schulten said. "This restructuring program is an important step toward ensuring our ability to deliver our long-term algorithm over the coming two to three years," Schulten said. "It does not, however, remove the near-term challenges that we currently face." Procter & Gamble, based in Cincinnati, had approximately 108,000 employees worldwide in June 2024. The company makes a range of household brands including Ariel, Oral-B, Always and Tampax, and hair care brands Head & Shoulders and Herbal Essences. Procter & Gamble will also end sales of some of its products in certain markets. The company said it will provide more details about that in July. In April Procter & Gamble noted during a conference call that the biggest US tariff effects were coming from raw and packaging materials and some finished product sourced from China. The company said that it would be looking at sourcing options and productivity improvements to mitigate the tariff impact but that it may also have to raise prices on some products. with PA Procter & Gamble will cut up to 7000 jobs over the next two years as the maker of Gillette and Pampers nappies implements a restructuring program at a time when tariffs are raising costs for US companies and consumers are growing anxious about the economy. The job cuts, announced at the Deutsche Bank Consumer Conference in Paris on Thursday, make up approximately six per cent of the company's global workforce, or about 15 per cent of its non-manufacturing positions, Chief Financial Officer Andre Schulten said. "This restructuring program is an important step toward ensuring our ability to deliver our long-term algorithm over the coming two to three years," Schulten said. "It does not, however, remove the near-term challenges that we currently face." Procter & Gamble, based in Cincinnati, had approximately 108,000 employees worldwide in June 2024. The company makes a range of household brands including Ariel, Oral-B, Always and Tampax, and hair care brands Head & Shoulders and Herbal Essences. Procter & Gamble will also end sales of some of its products in certain markets. The company said it will provide more details about that in July. In April Procter & Gamble noted during a conference call that the biggest US tariff effects were coming from raw and packaging materials and some finished product sourced from China. The company said that it would be looking at sourcing options and productivity improvements to mitigate the tariff impact but that it may also have to raise prices on some products. with PA Procter & Gamble will cut up to 7000 jobs over the next two years as the maker of Gillette and Pampers nappies implements a restructuring program at a time when tariffs are raising costs for US companies and consumers are growing anxious about the economy. The job cuts, announced at the Deutsche Bank Consumer Conference in Paris on Thursday, make up approximately six per cent of the company's global workforce, or about 15 per cent of its non-manufacturing positions, Chief Financial Officer Andre Schulten said. "This restructuring program is an important step toward ensuring our ability to deliver our long-term algorithm over the coming two to three years," Schulten said. "It does not, however, remove the near-term challenges that we currently face." Procter & Gamble, based in Cincinnati, had approximately 108,000 employees worldwide in June 2024. The company makes a range of household brands including Ariel, Oral-B, Always and Tampax, and hair care brands Head & Shoulders and Herbal Essences. Procter & Gamble will also end sales of some of its products in certain markets. The company said it will provide more details about that in July. In April Procter & Gamble noted during a conference call that the biggest US tariff effects were coming from raw and packaging materials and some finished product sourced from China. The company said that it would be looking at sourcing options and productivity improvements to mitigate the tariff impact but that it may also have to raise prices on some products. with PA Procter & Gamble will cut up to 7000 jobs over the next two years as the maker of Gillette and Pampers nappies implements a restructuring program at a time when tariffs are raising costs for US companies and consumers are growing anxious about the economy. The job cuts, announced at the Deutsche Bank Consumer Conference in Paris on Thursday, make up approximately six per cent of the company's global workforce, or about 15 per cent of its non-manufacturing positions, Chief Financial Officer Andre Schulten said. "This restructuring program is an important step toward ensuring our ability to deliver our long-term algorithm over the coming two to three years," Schulten said. "It does not, however, remove the near-term challenges that we currently face." Procter & Gamble, based in Cincinnati, had approximately 108,000 employees worldwide in June 2024. The company makes a range of household brands including Ariel, Oral-B, Always and Tampax, and hair care brands Head & Shoulders and Herbal Essences. Procter & Gamble will also end sales of some of its products in certain markets. The company said it will provide more details about that in July. In April Procter & Gamble noted during a conference call that the biggest US tariff effects were coming from raw and packaging materials and some finished product sourced from China. The company said that it would be looking at sourcing options and productivity improvements to mitigate the tariff impact but that it may also have to raise prices on some products. with PA
West Australian
5 days ago
- Business
- West Australian
Gillette and Pampers maker says it will cut 7000 jobs
Procter & Gamble will cut up to 7000 jobs over the next two years as the maker of Gillette and Pampers nappies implements a restructuring program at a time when tariffs are raising costs for US companies and consumers are growing anxious about the economy. The job cuts, announced at the Deutsche Bank Consumer Conference in Paris on Thursday, make up approximately six per cent of the company's global workforce, or about 15 per cent of its non-manufacturing positions, Chief Financial Officer Andre Schulten said. "This restructuring program is an important step toward ensuring our ability to deliver our long-term algorithm over the coming two to three years," Schulten said. "It does not, however, remove the near-term challenges that we currently face." Procter & Gamble, based in Cincinnati, had approximately 108,000 employees worldwide in June 2024. The company makes a range of household brands including Ariel, Oral-B, Always and Tampax, and hair care brands Head & Shoulders and Herbal Essences. Procter & Gamble will also end sales of some of its products in certain markets. The company said it will provide more details about that in July. In April Procter & Gamble noted during a conference call that the biggest US tariff effects were coming from raw and packaging materials and some finished product sourced from China. The company said that it would be looking at sourcing options and productivity improvements to mitigate the tariff impact but that it may also have to raise prices on some products. with PA
Perth Now
5 days ago
- Business
- Perth Now
Gillette and Pampers maker says it will cut 7000 jobs
Procter & Gamble will cut up to 7000 jobs over the next two years as the maker of Gillette and Pampers nappies implements a restructuring program at a time when tariffs are raising costs for US companies and consumers are growing anxious about the economy. The job cuts, announced at the Deutsche Bank Consumer Conference in Paris on Thursday, make up approximately six per cent of the company's global workforce, or about 15 per cent of its non-manufacturing positions, Chief Financial Officer Andre Schulten said. "This restructuring program is an important step toward ensuring our ability to deliver our long-term algorithm over the coming two to three years," Schulten said. "It does not, however, remove the near-term challenges that we currently face." Procter & Gamble, based in Cincinnati, had approximately 108,000 employees worldwide in June 2024. The company makes a range of household brands including Ariel, Oral-B, Always and Tampax, and hair care brands Head & Shoulders and Herbal Essences. Procter & Gamble will also end sales of some of its products in certain markets. The company said it will provide more details about that in July. In April Procter & Gamble noted during a conference call that the biggest US tariff effects were coming from raw and packaging materials and some finished product sourced from China. The company said that it would be looking at sourcing options and productivity improvements to mitigate the tariff impact but that it may also have to raise prices on some products. with PA
Axios
5 days ago
- Business
- Axios
Procter & Gamble to cut 7,000 jobs as tariffs weigh on economy
Procter & Gamble plans to shed up to 7,000 white-collar jobs over the next two years as tariffs and economic concerns weigh on sales on consumer goods. Why it matters: P&G's wide range of brands — including Bounty paper towels, Tide detergent and Old Spice deodorant — makes the company a bellwether reflector of broader economic issues. The big picture: P&G expects to cut about 15% of its non-manufacturing workforce to boost productivity, CFO Andre Schulten said Thursday at a financial conference. The move is part of a broader two-year restructuring program which includes P&G potentially exiting certain brands and products, though Schulten declined to specify which ones might be cut. Between the lines: Tariffs are driving higher costs, which are weighing on consumer demand. There's been "a deceleration because of uncertainty in the consumer space, all of the tariff conversations, geopolitical uncertainty," Schulten said. The company's organic sales growth of 2% for the first three quarters of the 2025 fiscal year would be the lowest rate of full-year growth since at least 2018. P&G had already signaled in April that it would likely raise prices, as well.
