CHAPTER 2Leading Innovation

Proctor & Gamble wasn’t a fun place to work in the early part of this decade. The company was struggling on all fronts. Growth had stalled, its brands were aging, and once-loyal customers were fleeing to lower-priced store brands. The business press was full of articles about how P&G’s leadership and stodgy culture were to blame. Analysts who covered the company for Wall Street seemed to relish pointing out that Procter hadn’t had a breakthrough product since 1963, when Head & Shoulders shampoo was introduced, and couldn’t seem to innovate no matter how hard it tried. In 2000, P&G’s board of directors ousted the CEO and replaced him with a company insider who was determined to get the company growing again—fast. ...

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