The soapmakers from Cincinnati have just reminded the great unwashed that Asia is the place to be. Procter & Gamble plans to move the 20 people running its skincare, cosmetics and personal-care unit to Asia headquarters in Singapore during the next two years.
"Asia has demonstrated high growth in those categories, so it makes absolute sense to locate the leadership team at the center of that growth," said Paul Fox, a P&G spokesman.
Not going along is Virginia Drosos, 49, group president of the unit, who was recently named by The Wall Street Journal and FINS as a female executive likely to become a Fortune 1000 CEO in the next five years. Drosos, who has said she "definitely" wants to run a public company, will retire from P&G Sept. 30.
"She has aspirations to lead another company but right now she's going to be very focused on transitioning these businesses to their new leader," Fox said.
Deb Henretta, 51, P&G's group president for Asia, will succeed Drosos on Aug. 1 to lead the skincare, cosmetics and personal-care unit in Singapore. Henretta, who joined P&G in 1985, will be replaced by P&G's vice president for Japan, Hatsunori Kiriyama, 49, effective July 1. Kiriyama will relocate from Kobe, Japan, to Singapore.
Kiriyama, who joined P&G in 1985, is the first Asian to lead a P&G business in Asia.
Penney Pay Changes (Dow Jones Newswires)
J.C. Penney will stop paying commissions to some of its store employees in favor of hourly wages. The pay changes will affect sales staff in its fine jewelry, shoes, window coverings, men's suits and salon departments.
Dunn's Potential Termination Pay (Chain Store Age)
Former Best Buy Chief Executive Brian Dunn may receive either $3.1 million or zero in termination payments following his resignation, according to a company SEC filing. Best Buy said it is reviewing Dunn's compensation pending its investigation into his "personal conduct."
Betsy Johnson's Liquidation (WSJ)
Fashion retailer Betsey Johnson LLC is emptying its shelves and liquidating its assets, including its 69 stores, as it lets go of the remainder of its 400 employees.
Kohl's Pushes Forward (Retailing Today)
Despite a 23% first-quarter profit decline, Kohl's is on track to open 10 more stores and remodel another 50 in 2012.
Surviving Acquisitions and Mergers (FINS)
Russell Wallach began his career selling tickets for a baseball team. At age 47 he has wound up as president of Live Nation Network, after surviving two acquisitions, a spinoff and another merger.
PepsiCo Shakes Up. Again (Ad Age)
Salman Amin, PepsiCo's executive vice president of sales and marketing, has been named the company's global chief marketing officer as part of another marketing shake-up at the Purchase, N.Y.-based snacks and beverage giant. Amin will report to PepsiCo President John Compton.
AMC Revenue Growth (WSJ)
AMC Networks' first-quarter earnings rose 45% to $43.2 million, more than expected, due to increased ad revenue.
Buzz Around the Office
It's a bear cub love train.
List of the Day: Reasons to Quit
Here are actual reasons employees chose to leave their firms. We don't suggest you do the same.
1. An individual did not like the sound of file cabinets being slammed.
2. A person quit because he hated the carpet.
3. Someone felt the lobby area was too small.