寶潔CEO正面回應股東施壓（節選）
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????寶潔公司（Procter & Gamble）首席執行官（CEO）兼董事長麥睿博經歷了充滿挑戰的一年。寶潔公司目前的年營收總額已經高達836億美元。作公司CEO麥睿博今年不得不三次降調指導性業績預期，導致分析師產生憂慮情緒，股價也連連下跌。10月25日，該公司公布的2013財年第一季度財報顯示，經不計一次性費用調整后每股盈利為1.06美元，超過了分析師預期（此前已經下調過）。 ????麥睿博遭到了一些前公司員工及退休員工的批評，這些人主要通過寶潔股票獲得收益。而在今年7月份，對沖基金公司珀欣廣場資產管理公司（Pershing Square Capital Management）創始人兼CEO、維權投資者威廉?阿克曼宣布，他已買入價值總計達18億美元的寶潔股票，表明他很快將會要求寶潔公司進行重大改革（尤其是領導層的人員調整）。據報道，阿克曼在與麥睿博進行的一次會晤期間，曾要求他辭職。 ????現在，麥睿博決定公開表明態度。他在接受《財富》雜志資深編輯珍妮弗?萊因戈爾德獨家采訪時稱，自己相信公司的復興計劃正在取得明顯的進展。以下是經過編輯的采訪筆錄。 那么，這次公布的財報數據符合人們此前的預期... ????我們2013財年第一季度的營收業績接近我們此前給予的指導性預期區間上限，而運營利潤和現金流等業績均達到超計劃水平。這使我們有望按計劃兌現我們對2013財年設定的承諾。 這次季度業績有哪些地方出乎你的意料之外？ ????我認為沒有出乎我的意料之外。但我們復興計劃的三個部分都獲得了預期的成效。整個設想是把重點放在提高股東總回報水平上，以此讓我們重新回到同類企業排名的前三分之一之列。這個三部分計劃之一就是這個“40-20-10”計劃，即把重點放在我們40個規模最大的產品類別與國家組合上，其中主要是美國和中國。我們首先把資源集中投放到這些產品類別與國家組合上，然后投放到20個最重要的創新產品上。我們一直在舉辦我們稱之為“即興構想會”（jam session）的活動。在這個活動中，我們會延請公司高層領導及各職能部門的專家，讓他們即興提出構想。自從我們任命豪爾赫?梅斯基塔擔任公司新業務拓展與創新部門總裁以來，我們這個活動已經進行了有6到9個月左右的時間。然后就是把重點放在10個最重要的新興市場上。 ????創新方面，（我們的盈利要求）我們特意進行一些新的創新產品開發商，然后把創新產品引入市場。比如，汰漬Pods（Tide Pods）就提高了汰漬系列洗衣粉的市場份額。 ????第三個部分就是提高生產力。這是向分析師及投資者證明我們可以通過提高利潤率來實現成本削減計劃的一個方面。我們計劃在一年內削減成本20億美元，這相對于我們每股預期盈利而言相當于提高11個百分點。如果我們能夠實現目標的一半（也就是削減成本10億美元）的話，這相當于每股預期盈利提升5到6個百分點。這將相當于公司的核心運營利潤率提高90個基點。我們上季度的生產力提高了150個基點。這可能是我們一直在不斷加強的方面。 你指定公司負責創新的靈魂人物了嗎？ ????他會很高興聽到你的這種描述方法，但我們還沒有宣布這項任命。他是一位部門總裁，曾在某業務部門負責產品創新。他擁有豐富的經驗，將會直接在我手下工作。我們的設想是在公司內部設立一個由部門高級總裁組成的委員會，所有成員都是備受推崇的人物。他們將和我一起努力，重新組織我們開展工作的方式。如果為了改善業績而有需要的話，我們將會重組公司結構。 |
????Procter & Gamble CEO and Chairman Robert McDonald has had a challenging year. The CEO of the $83.6 billion company has had to lower guidance three times this year, worrying analysts and depressing the stock price. On October 25th, the company beat its (previously lowered) expectations for the first quarter of fiscal 2013, earning $1.06 per share excluding charges. ????McDonald has endured criticism from former employees and retirees, who receive their benefits primarily in P&G stock. And in July, activist investor William Ackman of Pershing Square Capital Management announced he had purchased $1.8 billion in P&G shares, suggesting that he would soon demand major changes. At a meeting between the two, Ackman reportedly asked for McDonald's resignation. ????Now McDonald has decided to speak out. In an exclusive interview with Fortune Senior Editor Jennifer Reingold, he proclaims confidence that the company's turnaround plan is gathering steam. What follows is an edited transcript. So the numbers came in where people had hoped that they would... ????Our results for the first quarter were at the high end of our expectations on the top line and ahead of the plan on operating profit and cash. This puts us on track to meet our commitments for the fiscal year. What surprised you about the results? ????I wouldn't say it was a surprise. But the three parts of our plan are working. The whole idea is a total shareholder return that gets us back into the top third of our corporate peer group. The three parts are this 40-20-10,plan, focusing on our 40 biggest category/country combinations, primarily in the US and in China. We focused the resources there first, then on the 20 biggest innovations. We've been having something we call jam sessions, where we bring in top leaders and functional experts and have them ideate. We've been doing this for 6-9 months, since about the time we put Jorge Mesquita in place [as President, New Business Creation and Innovation]. And then there are the 10 emerging markets that are critically important. ????On the innovation piece, [on our earnings call] we purposely went through a number of the new innovations that we brought to market. Tide Pods, for example, added to the Tide market share. ????The third piece was the productivity improvement. That was the piece that was confirmation to the analyst community and to investors that we could deliver savings that resulted in margin expansion. Our plan saves $2 billion a year, which would be 11 index points in EPS. If we capture half of that, it would be 5-6 points. That caused the core operating margin to improve by 90 basis points. We showed 150 basis points of productivity improvements. That may have been the piece that was reinforcing. Have you named your new innovation czar? ????He'll be pleased to hear your characterization, but we haven't announced it yet. It's a group president who has done this before in a business unit. He has a lot of experience and will be working directly for me. The idea is to set up a council of senior group presidents in the company, all of whom are highly respected, who will work with me to reorganize the way we do work. We will reorganize the structure of the company if that's needed in order to improve. |
