The Procter & Gamble Co. continues to trim back its workforce as it seeks to move ahead.
This story first appeared in the November 16, 2012 issue of WWD. Subscribe Today.
The consumer products giant, which held an investor meeting Thursday in Cincinnati, set itself a goal of cutting its non-manufacturing workforce by 2 to 4 percent from fiscal 2014 to fiscal 2016. Those cuts come on top of the roughly 5,700 jobs P&G plans to cut during fiscal 2013, which is currently in its second quarter.
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The company has a total of 126,000 employees and is already in the midst of a plan to trim $6 billion from the costs of goods sold, $3 billion from selling, general and administrative expenses and to save $1 billion through marketing efficiencies.
In addition to cutting costs, the company is vying to keep up its momentum in developing markets, further build established markets and turn out new products for shoppers.
“Our plan is decisive, simple and focused — grow our core and win with innovation fueled by productivity,” said Bob McDonald, chairman, president and chief executive officer.
P&G also stood by its sales and profit guidance for the current year, but raised the possibility that it could repurchase $4 billion to $6 billion of its own shares, up from the previous projection of $4 billion in repurchases.
Shares of the company fell 0.3 percent to $66.31 Thursday.