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The top marketing guy at the world’s largest advertiser - and the world’s largest consumer goods company - is stepping down.
Jim Stengel, global marketing officer for Procter & Gamble, has decided to pursue “a personal passion to influence other marketers and promote marketing as a positive force in the world,” he is quoted as saying in The New York Times.
Marc Pritchard, currently president of strategy, productivity and growth, will take over for Stengel on August 1.
Stengel, whose retirement has come as a surprise, is credited with changing the way P&G did marketing by setting new standards based on deeper consumer understanding. He encouraged the company to increase its spending on digital media around the world and, in the face of declining TV audiences, increased the company’s focus on in-store marketing.
Proctor & Gamble has announced that the company will be boosting its prices by as much as 16 percent beginning in September, in response to rising costs for energy, plastic and paper.
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