Cisco plans $4 bln worth of expansion in Mexico-government
MEXICO CITY, Sept 27 Cisco Systems Inc plans more than $4 billion worth of expansion in Mexico between 2016 and 2018, the Mexican government said on Tuesday.
Procter & Gamble Co (PG.N), the world's largest household products maker, on Wednesday announced a reorganization amid speculation by analysts that the heads of its new units are in the running to replace CEO A.G. Lafley.
The maker of Tide laundry detergent and Gillette razors brought back Lafley as chief executive in May, as it came under pressure from investors to pick up the pace of improvements.
In an expected move, the company will split its household care and beauty and grooming units into four sectors starting July 1: Global Baby, Feminine and Family Care; Global Beauty; Global Health and Grooming; and Global Fabric and Home Care.
"We expect this structure to facilitate faster global expansion of brand and product innovations to win with customers," Lafley said in a statement.
"The individuals who are reporting directly to Lafley are obviously potential candidates to be named to the top spot," said Morningstar analyst Erin Lash, adding that she expects Lafley to be a caretaker CEO.
Martin Riant, Deborah Henretta, David Taylor and Giovanni Ciserani will lead the units as group presidents. They are assuming additional duties with the change, and will report directly to Lafley.
The company also said that Charles Pierce will assume responsibilities for New Business Creation and Innovation from Jorge Mesquita, who is leaving the company. Pierce will report to Lafley in that additional role.
Also on July 1, Dimitri Panayotopoulos, current vice chairman for Global Business Units, will assume the role of vice chairman and adviser to the chairman and CEO. He will continue to report to Lafley.
Melanie Healey, group president of North America and Global Hyper, Super and Mass Channel, will begin reporting to Lafley in addition to Werner Geissler, vice chairman, Global Operations, who also reports to the CEO.
"I think there will be more changes to come, too. This is really only a signal of who the successors are," Sanford Bernstein analyst Ali Dibadj said.
(Reporting by Siddharth Cavale in Bangalore, Jessica Wohl in Rogers, Arkansas, and Lisa Baertlein in Los Angeles; Editing by Anthony Kurian and Xavier Briand)
* Pacific Northwest LNG says pleased with Canadian government approval of plant, will conduct a total project review over coming months prior to announcing next steps Story: Further company coverage: (Reporting by Jeffrey Hodgson)
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