A.G. Lafley Assumes Operating Partner Role at Clayton, Dubilier & Rice
NEW YORK and LONDON, April 7 /PRNewswire/ -- Clayton, Dubilier & Rice today announced that A.G. Lafley, former Chairman of the Board, President and Chief Executive Officer of The Procter & Gamble Company (NYSE: PG), has joined the Firm as a Special Partner.
In his 32-year career at P&G, Mr. Lafley served in a variety of leadership positions, including nine years as President and Chief Executive Officer. Originally brought on in P&G's marketing division in 1977, Mr. Lafley held numerous senior management positions before being named Group Vice President in 1992, an Executive Vice President in 1995 and, in 1999, President Of Global Beauty Care and North America. He served as Chief Executive Officer from 2000 to 2009 and as Chairman of the Board from 2002 to 2009.
As CEO, Mr. Lafley led a dramatic transformation of P&G, which included re-focusing the company on: core businesses and brands; faster-growing and higher-margin beauty, grooming and health care segments; and building market share in developing countries. Under his leadership the number of P&G billion-dollar brands grew from 10 to 24, and the company more than doubled sales from $38 billion in 1999 to $79 billion in 2009. The Company's market capitalization also more than doubled, making P&G one of the five most valuable companies in the U.S. and among the 10 most valuable companies in the world at the end of Mr. Lafley's tenure as CEO.
"A.G. has proven to be one of the most effective corporate leaders of the 21st century, and we are very pleased to welcome him to CD&R," said Donald J. Gogel, President and Chief Executive Officer of CD&R. "His experience building strong business operations, promoting innovation, and spurring growth across global markets enhances our value creation capabilities."
"Private equity can be a powerful agent of constructive change and corporate renewal," said Mr. Lafley. "CD&R's successful history of building long-term value by improving the operational performance of its portfolio businesses exemplifies the positive role that private equity can play in the economy and is what attracted me to the firm."
Mr. Lafley has been honored with some of the highest recognitions in business. He was named "CEO of the Year" by Chief Executive Magazine in 2006, "Executive of the Year" by the Academy of Management in 2007, and "Leader of the Future" by the Peter F. Drucker Leader to Leader Institute in 2008. He is the recipient of the U.S. Navy's Lone Sailor Award (2008), the Diversity Best Practices CEO Diversity Leadership Award (2008), the Peterson Award for Business Statesmanship (2009) and the Edison Achievement Award for Innovation (2010). He is on the Board of Directors of General Electric and has served as a director at General Motors Corporation and Dell Inc. during the last five years. He serves as Chairman of the Hamilton College Board of Trustees.
About Clayton, Dubilier & Rice
Founded in 1978, Clayton, Dubilier & Rice, LLC is a private equity firm with an investment strategy predicated on producing superior financial returns through building stronger, more profitable businesses. The Firm's professionals include a combination of financial and operating executives. Since inception, CD&R has managed the investment of more than $12 billion in 46 U.S. and European businesses representing a broad range of industries with an aggregate transaction value of approximately $70 billion and revenues of nearly $100 billion. The Firm is based in London and New York. www.cdr-inc.com.
Contact: Thomas C. Franco
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Daniel G. Jacobs
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