P&G’s new CEO, Robert McDonald, has “warned of the risks to global growth posed by increased protectionism in the US and around the world, stemming from the global recession“.
interviewed by the Financial Times, McDonald noted that 20% of P&G’s jobs in the US depend on their international business, which accounts for 60% of P&G’s annual sales of $79bn. And he went on to argue that “it is short-sighted for the US government to think they can create jobs at home by hurting our ability to compete internationally.”
Interestingly, and in a positive sign for chemical industry recruitment, McDonald added that the downturn was changing the attitudes of potential recruits to P&G. He noted that “I’m finding from students that they want to live a life with meaning. Making products or marketing brands that improve people’s lives is more meaningful than being involved in a financial transaction that creates no value.”