Supplier News Breaks
Ex-P&G chief Lafley joins investment firm
April 8th, 2010
NEW YORK and LONDON – A.G. Lafley, the former chairman, president and chief executive officer of Procter & Gamble Co., has joined private equity firm Clayton, Dubilier & Rice as a special partner.
The investment company, which has headquarters in London and New York, announced the addition of Lafley Wednesday evening.
"A.G. has proven to be one of the most effective corporate leaders of the 21st century, and we are very pleased to welcome him to CD&R," Donald Gogel, president and CEO of Clayton, Dubilier & Rice, said in a statement. "His experience building strong business operations, promoting innovation and spurring growth across global markets enhances our value creation capabilities."
In his 32-year career at P&G, Lafley served in various leadership roles, including nine years as president and CEO. Originally brought on in P&G's marketing division in 1977, he held numerous senior management positions before being named group vice president in 1992, an executive vice president in 1995 and president of global beauty care and North America in 1999. He served as CEO from 2000 to 2009 and as chairman from 2002 to 2009.
As P&G's CEO, Lafley led a dramatic transformation, which included refocusing the company on core businesses and brands; faster-growing and higher-margin beauty, grooming and health care segments; and building market share in developing countries, according to Clayton, Dubilier & Rice. Under his leadership the number of P&G billion-dollar brands grew from 10 to 24, and the company more than doubled sales from $38 billion in 1999 to $79 billion in 2009. P&G's market capitalization also more than doubled, making it one of the five most valuable companies in the United States and among the 10 most valuable companies in the world.
"Private equity can be a powerful agent of constructive change and corporate renewal," Lafley stated. "CD&R's successful history of building long-term value by improving the operational performance of its portfolio businesses exemplifies the positive role that private equity can play in the economy and is what attracted me to the firm."
Lafley also is on the board of directors of General Electric and has served as a director at General Motors Corp. and Dell Inc. during the last five years.
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