©Reuters. FILE PHOTO: Tide detergent, a brand owned by Procter & Gamble, is on sale at a store in Manhattan, New York City, U.S., June 29, 2022. REUTERS/Andrew Kelly/File Photo
By Jessica DiNapoli
NEW YORK (Reuters) – Procter & Gamble CEO Jon Moeller told Wall Street analysts on Thursday that changing the conversation to “winning” from “social justice” would be a more effective way to promote women and diverse people.
In response to a question about why the maker of Tide hasn’t yet had a female CEO, despite women heavily using laundry detergent and baby diapers, Moeller said, “I expect that one day” you’ll see a CEO woman at P&G.
“I would be very surprised if you didn’t,” he said, acknowledging that “a disproportionate number of our consumers are women.”
Moeller added that this is a matter for the P&G board of directors, of which he is also chairman. He was appointed CEO in 2021.
Over the years, social and political activism has gained traction in parts of Corporate America, with some advocates pushing for greater gender and racial diversity on boards of directors and in senior management.
According to the company, half of P&G’s management team is made up of women.
“If we could change this conversation … from social justice to victory, I think it would be a much more powerful proposition because it doesn’t allow anyone to back down,” he said. “In the current construct, I can say, ‘Well, that’s not something that interests me. It’s not something that I’ve historically contributed to.’ No, no, no.
“This is crucial to winning. Don’t you care? I have a door to show you, don’t I?” She added.
According to a report from executive recruiting firm Spencer Stuart, the consumer sector, where women drive purchasing, has one of the highest percentages of female CEOs, 9%, in the S&P 1500. Moeller made his remarks at Consumer Analyst Group conference in New York, where P&G rival Colgate will present on Friday.
A P&G spokesperson said Moeller also said at the conference, “But overall, this topic is very important and critical to our company, and it has everything to do with serving and delighting consumers.”
Moeller added that P&G has made “really significant progress” in connecting diverse representation in its leadership to business success.
“We are increasingly serving an increasingly diverse group of consumers,” he said. “100% of growth in North America will be due to multicultural consumers over the next decade.”
The United States is P&G’s largest market.