P&G announces executives leaving, others promoted

P&G announces executives leaving, others promoted

Johnson, 64, will retire June 1. He will be succeeded by Steven Jemison, 56, P&G's deputy general counsel.

P&G, which is the parent company of Vandalia-based pet food maker Iams Co., made the announcement while also reporting the promotion of John Goodwin, 44, to head its newly revised snack and pet care division. The division is the process of breaking out its $1.6 billion Folgers coffee business - acquired by P&G in 1963 - into a separate company.

The division's former head, Jamie Egasti, will head up the new Folgers Coffee Co. when P&G finalizes that transaction, likely between July and December. Goodwin's promotion is immediate.

Ali Dibadj, an analyst covering P&G for Sanford C. Bernstein, called Goodwin a "very strong piece " of P&G's future leadership.

"I've known Goodwin for a while. He's a great, unique combination of solid, strategic thinking and operational acumen," Dibadj said. He added that Goodwin is facing a challenge, particularly in the pet care business, and he'll be responsible for turning that around. "But he is, again, a very strong performer."

The promotions in all demonstrate the depth of P&G's executive bench, said Matt McCormick, portfolio manager at Bahl & Gaynor in Cincinnati, which owns 6.8 million shares of P&G (NYSE: PG). McCormick compared the appointment of Goodwin, for instance, to the Reds bringing in an all-star player to replace another heavy hitter.

"When you reach that level, to be considered for these types of roles, you've been tested, you've been vetted," he said. "They're just reloading is how I would phrase it."

Goodwin, born in London, joined P&G in 1990 as a financial analyst. He moved through several finance positions worldwide before becoming the company's treasurer in 2004. He was promoted to vice president, finance and accounting, of P&G's Global Health and Well-Being unit in 2007.

Johnson, born in New York, joined P&G as an attorney in 1973, during the Nixon administration. Over the decades Johnson oversaw dozens of acquisitions, including Noxell, Wella and Gillette, as well as P&G's expansion into many foreign countries. He moved through several divisional and general council positions before being named chief legal officer in 1999. He is an emeritus trustee at the Cincinnati Museum Center and on the board of trustees of the National Underground Railroad Freedom Center, among other involvements.

"He is broadly respected for the clarity of his advice and counsel which has enabled the company to operate to the highest possible standards," P&G CEO A.G. Lafley said of Johnson, in a statement. "Steve is an exceptional lawyer and leader who will continue to provide high levels of counsel and service in his new role."