⚠ Three New Segment Chiefs in One YearLow threat

Procter & Gamble (PG) — threat to the moat

P&G replaced the chiefs of three of its five businesses in 2026, the same year it changed its chief executive.

P&G changed the head of three of its businesses in 2026. Jennifer Davis, chief executive of Health Care, retired effective 30 June 20261, and Paul Gama took the role; Juliana Azevedo became chief executive of Grooming and Hesham Tohamy Abd El Hak of Baby and Feminine Care2. The company's own chief executive changed on 1 January 20263.

Leadership changes in 2026Chief executiveJejurikar from 1 Jan 2026ChairmanJejurikar from 1 Aug 2026Health CareGama (Davis retired 30 Jun 2026)GroomingAzevedoBaby and Feminine CareTohamy Abd El HakSegments with new chiefs3 of 5P&G Form 10-K FY2026; 8-K 15 Dec 2025; CEO and chairman releases
A new team almost everywhere.

Leadership turnover is normal at a company with about 104,000 employees4. But this much change at once comes as every segment's net earnings fell in fiscal 20265 and as Health Care prepares to absorb Thorne6.

New leaders tend to reset plans, and resets usually cost a year.

Some continuity remains at the top. The chief financial officer, Andre Schulten, 55, stayed in place7, and Beauty and Fabric & Home Care kept their chiefs, Freddy Bharucha and Sundar Raman8. The two segments with unchanged leaders are the ones that grew sales fastest and earned the most.

The test is fiscal 2027 segment results. If Health Care's organic growth, 1% in fiscal 20269, stays flat under its new chief while Thorne is integrated, the management change will have coincided with a lost year.

References
  1. ReportedJennifer Davis, chief executive of Health Care, retired effective 30 June 2026, and Paul Gama took the role; Juliana Azevedo became chief executive of Grooming and Hesham Tohamy Abd El Hak of Baby and Feminine Care.
    Procter & Gamble Form 8-K of 15 December 2025 - retirement of the Chief Executive Officer of Health Care effective 30 June 2026. — December 2025 · publ. 15 December 2025 · source ↗
  2. ReportedJennifer Davis, chief executive of Health Care, retired effective 30 June 2026, and Paul Gama took the role; Juliana Azevedo became chief executive of Grooming and Hesham Tohamy Abd El Hak of Baby and Feminine Care.
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - Item 1 business and Item 2 properties: employees, manufacturing sites, customers, channels, competition and strategy. — FY2026 · publ. 4 August 2026 · source ↗
  3. ReportedThe company's own chief executive changed on 1 January 2026.
    Procter & Gamble release: Shailesh Jejurikar to succeed Jon Moeller as President and CEO effective 1 January 2026. — July 2025 · publ. 28 July 2025 · source ↗
  4. ReportedLeadership turnover is normal at a company with about 104,000 employees.
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - Item 1 business and Item 2 properties: employees, manufacturing sites, customers, channels, competition and strategy. — FY2026 · publ. 4 August 2026 · source ↗
  5. ReportedBut this much change at once comes as every segment's net earnings fell in fiscal 2026 and as Health Care prepares to absorb Thorne.
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - Note 2 segment information: net sales, earnings before tax, net earnings, margins, capital spending and depreciation by segment. — FY2026 · publ. 4 August 2026 · source ↗
  6. ReportedBut this much change at once comes as every segment's net earnings fell in fiscal 2026 and as Health Care prepares to absorb Thorne.
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - notes: restructuring, goodwill and intangibles, acquisitions and divestitures, subsequent events and commitments. — FY2026 · publ. 4 August 2026 · source ↗
  7. ReportedThe chief financial officer, Andre Schulten, 55, stayed in place, and Beauty and Fabric & Home Care kept their chiefs, Freddy Bharucha and Sundar Raman.
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - Item 1 business and Item 2 properties: employees, manufacturing sites, customers, channels, competition and strategy. — FY2026 · publ. 4 August 2026 · source ↗
  8. ReportedThe chief financial officer, Andre Schulten, 55, stayed in place, and Beauty and Fabric & Home Care kept their chiefs, Freddy Bharucha and Sundar Raman.
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - Item 1 business and Item 2 properties: employees, manufacturing sites, customers, channels, competition and strategy. — FY2026 · publ. 4 August 2026 · source ↗
  9. ReportedIf Health Care's organic growth, 1% in fiscal 2026, stays flat under its new chief while Thorne is integrated, the management change will have coincided with a lost year.
    Procter & Gamble Form 10-K for fiscal 2026 (year ended 30 June 2026) - Item 7 MD&A: net sales drivers, organic sales and gross margin bridge. — FY2026 · publ. 4 August 2026 · source ↗
Sources
Generated September 26, 2026