A. G. Lafley
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| Alan G. "A.G." Lafley | |
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| Born | June 13, 1947 [1] Keene, New Hampshire |
| Occupation | Chairman, Procter and Gamble |
| Salary | US$1.70 million salary, US$3.5 million in bonuses[2] (2007) |
| Predecessor | Durk Jager (as CEO) |
| Successor | Robert A. "Bob" McDonald (as CEO), incumbent (as Chairman) |
| Spouse(s) | Divorced |
Alan George "A.G." Lafley (born June 13, 1947) is an American businessman who is the the Chairman of the Board of Procter & Gamble and served as the CEO, President, and until June 2009, when Robert A. "Bob" McDonald, the current CEO, was appointed.[3] On December 8, 2009, P&G announced that Lafley will retire from the Company effective February 25, 2010. He will step out of his role as chairman on January 1, 2010.[4] Previously, Lafley had been President of Global Beauty Care and North America for P&G. He succeeded Durk Jager in June 2000.[5]
Lafley graduated from Fenwick High School in Oak Park, Illinois, to earn a B.A. from Hamilton College in 1969. In 1970, after beginning a doctoral program, he took a commission with the U.S. Navy as a supply officer during the Vietnam War. Afterwards, he studied at Harvard Business School, receiving his M.B.A. in 1977. He joined P&G upon his graduation, where he has worked ever since.
He is credited with revitalizing the company[6] by focusing on successful P&G brands like Crest, Tide, and Pampers instead of trying to develop new brands.[7] Some of the turning points of Lafley's career include P&G's acquisition of the Crest electric toothbrush. Lafley's handling of Crest allowed it to regain a foothold in the oral hygiene business from Colgate in 1998.[8] Along with Procter & Gamble, Lafley is also a member of the General Electric board of directors.
Lafley was named the chairman of Hamilton's Board of Trustees in December 2007.[9]
He was awarded "CEO of the Year 2006" by Chief Executive Magazine[10] and the Peter G. Peterson Award for Business Statesmanship presented by the CED in 2009.[11] Lafley has also been announced as recipient of the 2010 Edison Achievement Award, an annual award recognizing leaders that have made significant and lasting contributions to innovation, marketing and human-centered design throughout their careers.[12]
On April 8, 2008 Lafley and consultant Ram Charan published The Game Changer, a book on increasing productivity through innovation.
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[edit] Compensation
While CEO of Procter & Gamble in 2008, Alan G. Lafley earned a total compensation of $25,568,212, which included a base salary of $1,700,000, a cash bonus of $4,566,100, stocks granted of $11,175,585, and options granted of $7,782,736.[13]
To determine CEO A.G. Lafley’s bonus of $4 million, Procter & Gamble Co. retained last year's basic performance categories including total company factor, business unit factor, and Gillette integration. However, it switched shareholder return for organic sales growth under total company factor.[14]
[edit] Lafley’s Legacy at P&G
With Lafley leading the company for most of the 2000s, P&G more than doubled sales since the beginning of the decade. During that time, the company’s portfolio of billion-dollar brands grew from 10 to 22 (adding previously-sold Folgers and Actonel would bring the total to 24)[15] and the number of brands with sales between $500 million and $1 billion increased five-fold with Lafley at P&G’s helm.[16]
On average, annual organic sales grew 5%, annual core earnings-per-share grew 12%, and free cash flow productivity averaged 112% a year since 2001.[17] Further, during Lafley’s tenure, the Company’s market capitalization more than doubled, making P&G one of the five most valuable companies in the U.S. and among the 10 most valuable companies in the world. [18]
Lafley is credited with making P&G a more consumer-driven and externally focused company--and with shaping a far more diverse, open, curious and courageous, connected and collaborative culture in which "innovation is everyone’s job." [19]
[edit] External links
[edit] References
- ^ Procter & Gamble Biography
- ^ Businessweek profile
- ^ "A.G. Lafley" (PDF). July 2009. http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9OTQzOHxDaGlsZElEPS0xfFR5cGU9Mw==&t=1. Retrieved 2009-10-31.
- ^ PR Newswire, 08 December 2009
- ^ Businessweek, 13 September 2007
- ^ A. G. Lafley, Alumni Achievement Awards, Harvard Business School
- ^ "P&G: New and Improved", BusinessWeek, 7 July 2003
- ^ "A. G. Lafley", BusinessWeek, 13 January 2003
- ^ "Procter & Gamble Chairman and CEO Elected Hamilton Board Chair"
- ^ "2006 CEO of the Year Award: AG Lafley, Procter & Gamble CEO". http://www.chiefexecutive.net/ME2/Audiences/Default.asp?AudID=257093CD337F495B86A6A07046702F8C.
- ^ "Peter G. Peterson Award for Business Statesmanship: AG Lafley". http://www.ced.org/news-events/general/388-ced-annual-meetings-breakfast-and-luncheon.
- ^ "Chairman of P&G, A.G. Lafley, and President of Massachusetts Institute of Technology, Dr. Susan Hockfield, Awarded Prestigious Edison Achievement Award". http://www.edisonawards.com/PressRelease/EdisonAchievement2010.doc.
- ^ 2008 CEO Compensation for Alan G. Lafley, Equilar.com
- ^ Cincinnati's CEOs bonuses, and how to define them, have changed
- ^ "P&G sells pharmacy business for $3.1 billion". http://www.kentucky.com/103/story/908022.html.
- ^ "Speaker Biographies". http://www.thecorporatecounsel.net/Conference2009/html/speakers.htm.
- ^ "Procter amp; Gamble Chairman to Retire". http://www.thestreet.com/story/10641365/1/procter-gamble-chairman-to-retire.html.
- ^ "Procter amp; Gamble: At a Glance". http://finapps.forbes.com/finapps/jsp/finance/compinfo/CIAtAGlance.jsp?tkr=pg&tab=searchtabquotesdark.
- ^ "A must read book The Game-Changer by A. G. Lafley and Ram Charan". http://ceoworld.biz/ceo/2008/10/15/a-must-read-book-the-game-changer-by-a-g-lafley-and-ram-charan.
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