Hungry for growth, food makers seek new flavor of CEO
Martinne Geller, Richa Naidu
The Reuters article, “Hungry for growth, food makers seek new flavor of CEO," quoted Russell Reynolds Associates Consultant Andrew Hayes on the pressure that CPG companies feel to reinvent their strategies and adjust for the changing market. The article is excerpted below.
LONDON/CHICAGO (Reuters) - PepsiCo Inc’s (PEP.O) incoming chief executive Ramon Laguarta is the latest of a new generation of leaders tasked with reigniting growth at the world’s best-known food and drink brands as they fight back against media-savvy independent rivals.
Just over half of the 39 consumer packaged goods companies in the Fortune 500 have changed their CEO in the last two and a half years, according to executive search firm Russell Reynolds Associates.
That represents 15 percent of all CEO changes in that group of companies in that period, even though the sector only makes up 8 percent of the Fortune 500.
“A lot of companies have been spinning and reacting, trying to figure out how they can essentially ‘3G’ themselves to preempt being taken over, being the next victim,” said Andrew Hayes, a Russell Reynolds consultant who has helped several major consumer companies find top managers.
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