TITLE: Chairman, president and chief executive officer.
COMPANY: Procter & Gamble Co.
NOMINATED FOR: McDonald ploughed ahead with a turnaround plan to defend against market-share losses, accelerate product innovation and cut costs, despite a chorus of criticism from Wall Street about the company’s lackluster performance in 2012. The loudest sniping came from activist investor William Ackman of Pershing Square Capital Management. Ackman took aim at the company’s performance and that of McDonald, calling P&G “a very fat and bloated company.”
Despite the public call for a leadership change, P&G’s board pronounced it was standing by McDonald and his strategy to fix what ails the $83.7 billion consumer products giant. McDonald’s 40-20-10 plan is designed to focus on P&G’s 40 largest businesses, top 20 innovations and 10 most important developing markets, all while wringing out $10 billion in costs by 2016. “Balance is what leadership is all about,” McDonald told Wall Street analysts in November. “The greatest leaders are those who can balance what appear to be dilemmas to other people.”