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Procter & Gamble will drive its business by touching and improving more consumers' lives in more parts of the world more completely, president and CEO, Bob McDonald, told the company's shareholders at its annual meeting on Oct. 13, 2009.
Coming out of one of the toughest years P&G has faced in more than 50 years, McDonald said the company currently serves approximately four billion of the world's seven billion consumers but aimed to reach five billion throughout the next five years.
"Our choices are a natural evolution of the strategies that have been working for nearly a decade," said McDonald. "We will grow leading, global brands and core categories. We will build our business with under-served and un-served consumers and we will continue to develop faster growing, structurally attractive businesses with global leadership potential. More than at any time in our company's 170-plus year history, we have the brands, capabilities, strategies and financial flexibility necessary to expand our product portfolio into more parts of the world."
Geographic and portfolio expansion coupled with a focus on simplifying business structure and processes, leveraging scale and enhancing execution will all be elements of P&G's long term growth success, he added.
Earlier, McDonald paid tribute to former president/chief executive and current chairman of the board A.G. Lafley, calling out the transformation he led during the past nine years.