Latest news with #ShaileshJejurikar
Hans India
19 hours ago
- Business
- Hans India
P&G to cut 7,000 jobs in two years, cites tough times
New Delhi: FMCG major Procter & Gamble on Thursday announced it would reduce 7,000 jobs, or about 15 per cent of its current non-manufacturing positions, globally over the next two years. The company said employee separations will be managed with support and respect, and 'in line with our principles and values and local laws'. 'Specific impacts by region or site are not available at this time. Plans will be implemented over the next two fiscal years, allowing us appropriately sequence the delivery of important innovation and operational projects,' said the company in a statement. 'We're continuing our strong track record of cash return to shareowners. Over the first three quarters of fiscal year 2025, P&G has returned more than $13 billion dollars to shareowners through dividends and share repurchases,' said Andre Schulten, Chief Financial Officer, and Shailesh Jejurikar, Chief Operating Officer, at the 2025 Deutsche Bank Global Consumer Conference.
Fashion Network
a day ago
- Business
- Fashion Network
Procter & Gamble to cut 7,000 jobs, exit brands as consumer uncertainty weighs
Procter & Gamble will cut 7,000 jobs over the next two years, as the Tide detergent maker contends with an uncertain spending environment, fueled in part by U.S. tariffs that have roiled numerous consumer companies. The world's largest consumer goods company also plans to exit some product categories and brands in certain markets, including some potential divestitures, as part of the broader two-year restructuring plan. "This is not a new approach, rather an intentional acceleration of the current strategy ... to win in the increasingly challenging environment in which we compete," executives said at a Deutsche Bank Consumer Conference in Paris on Thursday. The job cuts amount to about 6% of its workforce, which P&G characterized as part of its ongoing strategy. Notably, CFO Andre Schulten and operations head Shailesh Jejurikar said at the conference that the geopolitical environment was "unpredictable" and that consumers were facing "greater uncertainty." President Donald Trump 's sweeping levies on trading partners have shaken global markets and sparked concerns of a recession in the United States. P&G on Thursday estimated about a $600 million before-tax hit in its fiscal year 2026, based on current tariff rates, a number that has frequently shifted. Overall, the trade war has cost companies at least $34 billion in lost sales and higher costs, a Reuters analysis showed. In April, P&G said it would raise prices on some products, and Schulten said it was prepared to "pull every lever" in its arsenal to mitigate the impact of tariffs - primarily through higher prices and cost-cutting. "The two-year window ... gives them some flexibility in terms of timing and depth of cuts, as the tariff situation is very fluid," said Christian Greiner, senior portfolio manager at F/m Investments that owns shares in P&G. The restructuring will help simplify the organizational structure by "making roles broader" and "teams smaller", P&G said. The Pampers maker imports raw ingredients, packaging materials and some finished products into the U.S. from China. About 90% of what it sells is produced domestically, P&G has said. The company had about 108,000 employees as of June 2024. The job cuts would account for roughly 15% of its non-manufacturing workforce. P&G expects to record charges of $1 billion to $1.6 billion before-tax over the two-year period, with a quarter of the charges expected to be non-cash. Shares of the company were down about 2% in early trading. The stock has been largely flat over the past 12 months.
Fashion Network
a day ago
- Business
- Fashion Network
Procter & Gamble to cut 7,000 jobs, exit brands as consumer uncertainty weighs
Procter & Gamble will cut 7,000 jobs over the next two years, as the Tide detergent maker contends with an uncertain spending environment, fueled in part by U.S. tariffs that have roiled numerous consumer companies. The world's largest consumer goods company also plans to exit some product categories and brands in certain markets, including some potential divestitures, as part of the broader two-year restructuring plan. "This is not a new approach, rather an intentional acceleration of the current strategy ... to win in the increasingly challenging environment in which we compete," executives said at a Deutsche Bank Consumer Conference in Paris on Thursday. The job cuts amount to about 6% of its workforce, which P&G characterized as part of its ongoing strategy. Notably, CFO Andre Schulten and operations head Shailesh Jejurikar said at the conference that the geopolitical environment was "unpredictable" and that consumers were facing "greater uncertainty." President Donald Trump 's sweeping levies on trading partners have shaken global markets and sparked concerns of a recession in the United States. P&G on Thursday estimated about a $600 million before-tax hit in its fiscal year 2026, based on current tariff rates, a number that has frequently shifted. Overall, the trade war has cost companies at least $34 billion in lost sales and higher costs, a Reuters analysis showed. In April, P&G said it would raise prices on some products, and Schulten said it was prepared to "pull every lever" in its arsenal to mitigate the impact of tariffs - primarily through higher prices and cost-cutting. "The two-year window ... gives them some flexibility in terms of timing and depth of cuts, as the tariff situation is very fluid," said Christian Greiner, senior portfolio manager at F/m Investments that owns shares in P&G. The restructuring will help simplify the organizational structure by "making roles broader" and "teams smaller", P&G said. The Pampers maker imports raw ingredients, packaging materials and some finished products into the U.S. from China. About 90% of what it sells is produced domestically, P&G has said. The company had about 108,000 employees as of June 2024. The job cuts would account for roughly 15% of its non-manufacturing workforce. P&G expects to record charges of $1 billion to $1.6 billion before-tax over the two-year period, with a quarter of the charges expected to be non-cash. Shares of the company were down about 2% in early trading. The stock has been largely flat over the past 12 months.
Al Jazeera
a day ago
- Business
- Al Jazeera
Procter & Gamble to cut 7,000 jobs over the next two years
Procter & Gamble has said it will cut six percent of its workforce, or 7,000 jobs, over the next two years as it undertakes a restructuring programme as tariffs raise costs and uncertainty for businesses and consumers. The world's largest consumer goods company, which makes products ranging from Tide detergent to Pampers diapers, announced the job cuts on Thursday at a Deutsche Bank's Consumer Conference in Paris. The Cincinnati, Ohio-based consumer goods giant also plans to exit some product categories and brands in certain markets, including some potential divestitures, as part of the broader two-year restructuring plan. The restructuring will help simplify the organisational structure by 'making roles broader' and 'teams smaller', P&G said. 'The two-year window … gives them some flexibility in terms of timing and depth of cuts, as the tariff situation is very fluid,' said Christian Greiner, senior portfolio manager at F/m Investments that owns shares in P&G. The company had about 108,000 employees as of June 2024. The job cuts would account for roughly 15 percent of its non-manufacturing workforce. P&G expects to record charges of $1bn to $1.6bn before tax over the two-year period, with a quarter of the charges expected to be non-cash. Chief Financial Officer Andre Schulten and operations head Shailesh Jejurikar, speaking at the Deutsche Bank conference, said that the geopolitical environment was 'unpredictable' and that consumers were facing 'greater uncertainty.' In April, P&G said it would raise prices on some products, and Schulten said it was prepared to 'pull every lever' in its arsenal to mitigate the impact of tariffs, primarily through higher prices and cost-cutting. The Pampers maker imports raw ingredients, packaging materials and some finished products into the United States from China. About 90 percent of what it sells is produced domestically, P&G has said. President Donald Trump's sweeping levies on trading partners have shaken global markets and sparked concerns of a recession in the US. P&G on Thursday estimated it would have about a $600m before-tax hit in its fiscal year 2026, based on current tariff rates, a number that has frequently shifted. Overall, the trade war has cost companies at least $34bn in lost sales and higher costs, a Reuters analysis showed. It is also affecting US consumer sentiment, which fell slightly in May for the fifth straight month, surprising economists. The preliminary reading of the University of Michigan's closely watched consumer sentiment index declined 2.7 percent on a monthly basis to 50.8, the second-lowest level in the nearly 75-year history of the survey. The only lower reading was in June 2022. Since January, sentiment has tumbled nearly 30 percent. Shares of P&G were down about 2 percent in early trading. That has since ticked upward as of 11:15am ET (15:15 GMT), but it is still about 1 percent lower than yesterday's market close. P&G's stock has trended downward in the last five trading days by 2.7 percent and is down about 1.2 percent from the beginning of the year.
Entrepreneur
a day ago
- Business
- Entrepreneur
Procter & Gamble Layoffs: 7000 Jobs Affected, Corporate HQ
The layoffs affect non-manufacturing jobs and will take place over the next two years. Procter & Gamble (P&G) is cutting 7,000 jobs, laying off about 15% of its non-manufacturing workforce, the company said in a presentation Thursday at the Deutsche Bank Global Consumer Conference in Paris. The cuts will take place over the next two years. P&G, which makes household products (Tide, Pampers, Bounty), had about 108,000 employees as of June 2024, per the Wall Street Journal. Related: Microsoft Is Laying Off More Workers as AI Continues to Trim Workforces P&G told the Wall Street Journal in a statement that the cuts aren't for "cost-cutting purposes," but rather a reorganization. Business Insider reports that the presentation was given by CFO Andre Schulten and COO Shailesh Jejurikar, and it noted that technology was changing the company. "We can unlock significant growth by better meeting the needs of currently unserved and underserved consumers, expanding into new segments, and growing markets to best-in-class levels," the presentation read. P&G was founded more than 180 years ago as a soap and candle company. It's been headquartered in Cincinnati, Ohio, since 1837. Related: Nissan Is Doubling Its Initial Layoff Announcement, Cutting 20,000 Jobs: 'A Wake-Up Call'
