ASSOCIATED PRESS
- Procter & Gamble plans to cut up to 7,000 office jobs, or 15%, of its non-manufacturing workforce.
- The cuts will be implemented over the next two years, the company said in a presentation.
- P&G says it plans to exit some categories, brands, and product forms in certain markets.
The maker of Tide and Pampers plans to cut as many as 7,000 office jobs, or 15% of its non-manufacturing workforce, over the next two years.
Procter & Gamble revealed the job cuts in a presentation from the Deutsche Bank Global Consumer Conference that was published on its website on Thursday.
CFO Andre Schulten and COO Shailesh Jejurikar gave the presentation, which outlined a two-year drive starting in the 2026 financial year to boost growth and value creation.
P&G said consumers faced greater uncertainty, competition was fierce, the geopolitical environment was unpredictable, and technology was rapidly transforming many aspects of our lives.
"We can unlock significant growth by better meeting the needs of currently unserved and under-served consumers, expanding into new segments, and growing markets to best-in-class levels," per the presentation.
The changes were an "intentional acceleration of the current strategy to widen P&G's margin of advantage in superiority, fueled by productivity, to win in the increasingly challenging environment in which we compete."
P&G plans to exit some categories, brands, and product forms in certain markets, saying it would reveal more details in the coming months.
The changes mean it expects to cut up to 7,000 non-manufacturing roles, or about 15% of that workforce, over the next two years. No further information about regions or sites was given in the presentation.
"Our top priority remains delivering balanced growth and value creation to delight consumers, customers, employees, society and shareowners alike," it added.
P&G's proposed cuts are the latest in a swathe of corporate job reductions in recent months, as companies battle with economic uncertainty linked to Trump's tariffs and the potential impacts of AI.
The stock is flat over the past 12 months, valuing the company at $389 billion, and has gained 40% over the past five years.
P&G declined to comment beyond the presentation.