NEW YORK Procter & Gamble global marketing officer Jim Stengel is leaving the packaged-goods giant after 25 years and will be succeeded by Marc Pritchard, P&G's president of strategy, productivity and growth, the company said today.
P&G is the world's largest advertiser and Stengel has been one of the most visible and influential marketing executives in all of global business.
According to the company's annual report, it spent more than $7.9 billion on all advertising services -- including broadcast, Internet and in-store -- during its 2007 fiscal year, which ran from July '06-June '07. The company spent more than $3.7 billion last year in domestic measured media, per Nielsen Monitor-Plus.
"Jim Stengel has reinvigorated P&G's marketing function and strengthened P&G's capability as one of the world's leading brand builders," said A.G. Lafley, P&G's chairman of the board and chief executive officer, in a statement." Jim has helped change the way P&G markets our brands by challenging traditional marketing models and setting new standards for P&G marketing rooted in deep consumer understanding."
Pritchard, 48, becomes global marketing officer on Aug. 1. Stengel, 53, exits on Oct. 31.
P&G rep Jeannie Tharrington said Stengel was simply ready to move on. "Jim feels like he accomplished what he set out to do which was reinvigorate marketing functions and strengthen P&G's capability as a leading brand builder," she said.
In an e-mail to "friends and colleagues" obtained by Brandweek, Stengel said he plans to "embark on another journey" with two goals, including "to lift and elevate marketing/brand building to be a more world-improving force" and "to give back in areas where I have a passion and I have something to give."
Stengel added that he is "in the very early stages" of collaborating on a book about "lifting marketing and organizations to a different level." He added that he would "work with/consult with a select group of people and companies that share these ideals and are committed to lift their brands and their people to different levels of performance and inspiration."
In addition, the note said Stengel hopes to "join a major university in some capacity" and be an advisor to Roy Spence, founder of Omnicom Group's GSD&M Idea City, who is launching The Purpose Institute in Austin, Texas.
Stengel could not be reached for comment.
Pritchard joined P&G in 1982 and has served in several capacities, including finance, advertising, marketing and information technology, as well as managing the Oil of Olay brand. In 1996, he became vp, gm of P&G cosmetics and fragrances and is credited with resurrecting Cover Girl with an ad campaign themed, "Easy, breezy, beautiful," and with products like Cover Girl Outlast and Max Factor Lipfinity. In 2006, Pritchard took his current title.
Stengel joined in 1983 and worked on various brands including Duncan Hines before he became global marketing officer for P&G in 2001.
P&G's wide-ranging agency roster cuts across holding-company lines and includes shops such as BBDO, Bromley, Burrell, Carat, Carol H. Williams, Conill, DDB, Grey, Integer, Leo Burnett, Saatchi & Saatchi, Starcom MediaVest, TBWA\Chiat\Day, Team One, The Kaplan Thaler Group and Wieden + Kennedy, among others.
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