Six of Gillette’s top executives will continue to run the business when Procter & Gamble completes its $57 billion purchase of Gillette later this year.
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| Jim Kilts |
Five senior managers will take posts at P&G, continuing to work on Gillette business, according to documents Gillette filed last week with the SEC. Gillette CEO Jim Kilts earlier announced plans to stay with the merged company for at least one year to run a new division to be called Global Gillette Business, slated to stay in Gillette’s hometown, Boston, with three main businesses: razors and blades, batteries, and Gillette’s Braun appliances.
Mike Cowhig becomes global technical and manufacturing president for those three businesses as well as mechanical plaque removal technologies for both Gillette and P&G. Peter Hoffman continues as president of global grooming (blades and razors) and Mark Leckie continues as president of global Duracell and Braun. Joe Dooley continues as president of commercial operations-North America, and Ed Shirley continues as president of commercial operations-International through the merger and integration, then both shift to posts that will be announced later.
Gillette plans to announce P&G assignments for additional operating committee execs over the next several weeks.
P&G pushed back its shareholder meeting to approve the merger to July 12 (from June 13) to give shareholders enough time to review its proxy and registration statement. The deal is still expected to close in the fall.
Kilts urged Gillette shareholders to approve the merger at Gillette’s May 12 shareholders meeting: “Gillette’s five billion-dollar-plus icon brands would join P&G’s 16 billion-dollar-plus brands to give our new combined company one of the greatest brand portfolios in history. Our board of directors and our management consider this a historic opportunity for our company, our shareholders and our employees, and we recommend that you vote in favor of the proposed merger.”
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