Mexico's Pemex to Trim Costs With Restructuring-Related Job Cuts
The restructuring aims to eliminate duplicate functions and positions in areas such as marketing, planning, and contracting services, while channeling more resources to operating activities, Pemex said Wednesday.
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Yahoo
33 minutes ago
- Yahoo
Competitive cricketer turned assistant brand manager is now heading a $368 billion giant. Meet P&G's new CEO Shailesh Jejurikar
Fortune 500 consumer goods giant Procter & Gamble is betting an operations veteran can shepherd the industry stalwart behind name brands such as Pampers, Old Spice, Pantene, and Dawn. Shailesh Jejurikar will take over for Jon Moeller next year, P&G announced on Monday. Procter & Gamble is elevating an operations veteran with global experience to lead the consumer goods behemoth as it navigates an ambitious workforce restructuring, tariffs, and geopolitical headwinds. The leadership shuffle comes a month after P&G announced it would cut 7,000 jobs, equivalent to about 15% of its non-manufacturing workforce. Chief operating officer Shailesh Jejurikar, 58, will officially take the reins on Jan. 1, 2026, the company announced on Monday. Current CEO Jon Moeller will transition to an executive chairman role, where he'll lead the board and advise Jejurikar, the company said. There's no timeline for Moeller in the executive chair seat; the P&G board will determine how long he'll stick around. P&G chief communications officer Damon Jones told Fortune Moeller leaves behind a strong track record and legacy at P&G. The company ranks 149 on the Fortune 500 and is 19th on the World's Most Admired Companies list. 'We thank Jon for his strategic leadership and guidance as he has played a pivotal role in designing and implementing P&G's integrated portfolio, superiority, productivity and organization strategy, as part of one of the most significant transformations in the company's history,' said Joe Jimenez, lead independent director on P&G's board. 'The company has continued to consistently deliver strong growth and value creation through Jon's steady leadership as CEO. A strong plan is in place for sustained success and now is the time to transition to Shailesh as CEO. We are fortunate and grateful to have Jon continue as Executive Chairman.' Jejurikar has served as COO since 2021 and previously held the role of chief executive of global fabric and home care. From 2016 to 2021, Jejurikar was the executive sponsor of global sustainability at P&G, where he led the integration of the company's sustainability goals into business operations with a focus on positive impact on environment and society while creating value for shareholders, his LinkedIn states. P&G will pay Jejurikar $1.6 million in salary with a potential bonus valued at $3.2 million. The board awarded him long-term equity valued at $14 million, evenly split between performance shares and long-term incentive awards. Last year, Jejurikar made $10 million as COO, while Moller's total compensation was valued at $23 million. From Head Boy to CEO P&G was founded in 1837 by English-born candlemaker William Procter and Irish-born soap maker James Gamble. Other than a brief stint between 1999 and 2000 when P&G was led by Netherlands-born Durk Jager, Jejurikar—a naturalized citizen—will be the second CEO born outside the U.S. to lead the company. His rise to the top at P&G came after a childhood spent in India. Jejurikar told the P&G Alumni podcast in 2023 he started his schooling in an area outside Mumbai, which he described as being 'pretty much in the middle of nowhere.' The nearest school was a 45-minute drive away, he said. He moved to Hyderabad in eighth grade and started boarding school as a junior. Jejurikar said his high school years in Hyderabad helped him really find himself. He discovered cricket, a sport he excelled at and played competitively every Sunday. In 12th grade, he was named head boy of the school, which offered him a real chance at leadership. Jejurikar said one of his main life lessons came during his time as head boy. Students usually woke up in the morning, went to PE, came back to their dorms and showered before going to a study hour. As head boy, it was Jejurkar's job to make sure everyone's rooms were in order and beds were made. He typically made his bed every morning before he left for PE, but he was rushing one day and forgot. As he was checking other students' rooms to make sure they had tidied up, he realized he had forgotten to make his own bed. Jejurikar said he eventually realized his chemistry teacher had discovered the mistake, made the bed, and never mentioned a word about it to Jejurikar—no comment, no lecture, nothing. 'It left me with the biggest lesson, Jejurikar said. 'What I took away from that was never to ask anyone to do something I wouldn't do myself.' Jejurikar went to college in Bombay and then got his MBA from the Indian Institute of Management in Lucknow. P&G hired him as an assistant brand manager in 1989, and he has worked for the company in various cities all over the world in the decades since. Grow Your Own CEO P&G famously employs a 'build from within' culture and in its 174-year history has never hired a CEO from outside its own ranks. Executives with a 30-year track record at the company are more the rule rather than the exception, P&G has said. Former superstar CEO A.G. Lafley, who took over after Jager stepped aside less than two years into the role, served from 2000 to 2009 before Bob McDonald succeeded him. McDonald navigated the business through the global financial crisis and in 2013, the P&G board brought back Lafley for a second act as a boomerang CEO, rather than look outside. One of Lafley's main priorities after he came back for a second stint was to focus the board on succession planning for his replacement. He passed the baton in 2015 to David Taylor, who served as CEO from 2015 to 2021, and as executive chairman from 2021 to 2022. The restructuring plan Jejurikar is inheriting involves exiting certain brands, divestitures, and market exits, the company explained in a series of slides presented at the Deutsche Bank Consumer Conference in Paris last month. 'I am honored to serve as P&G's CEO,' said Jejurikar in a company statement. 'P&G people, our brands, and our capabilities in innovation and operational excellence fuel my confidence for a future of sustained growth and value creation.' 'It has been an honor to serve as CEO of P&G, and I am incredibly proud of the value created by the people of P&G through an integrated strategy that is being executed with excellence,' said Moeller. 'I look forward to supporting Shailesh and the entire team as they continue to improve the performance and value of P&G brands and categories to win with consumers and customers around the world.' This story was originally featured on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Politico
3 hours ago
- Politico
Trump keeps Canada guessing as trade deadline looms
The face-to-face meetings have mainly featured Lutnick or Bessent riffing off Trump's greatest hits: raising border security issues, complaining about fentanyl smuggling and asking why Canada is treating the U.S. unfairly. Two of the senior officials familiar with the negotiations say LeBlanc mainly listens as Lutnick rambles off questions like, 'Why aren't you helping more?' There is said to be no consistency around the table. Trump's team swerves to a new topic every time the two sides meet — from wanting bigger U.S. banks to have a visible presence in Canada, to griping about the border and dairy quotas, a senior government official said. A spokesperson for the White House defended the status of talks with Canada in a statement, pointing to the existing U.S.-Mexico-Canada Agreement, which Trump negotiated during his first term. 'The way this has worked with our trading partners who have secured deals or are making progress towards one is that they came to us with deal offers, that were then refined and negotiated further. The vast majority of trade with Canada, moreover, is already covered under USMCA,' the White House official said in a statement. Trump's team previously suggested that if higher tariffs on Mexico and Canada go into force, the hike would only apply to goods the Trump administration deems as non-compliant with the existing deal — potentially affecting around 60 percent of trade between the countries. The Trump administration is pressuring Canada to fix what it sees as lopsided trade, a senior government official familiar with the talks told POLITICO. In the meetings, U.S. officials point to trade irritants in the National Trade Estimate report, which include concerns around Quebec's language laws and Canada's war on plastic. A second official said it's Canada's strategy to allow the Americans to do all the talking, which they appear happy to do. The Liberal government has several cards at play, including the Arctic and defense. Trump wants to build a massive missile shield over the continent, but he can't build it without Canada. 'It's really a strategic card,' Nunavut Premier P.J. Akeeagok said last week in Huntsville, Ontario. The Trump administration has also raised concerns that the Liberal government is whining too much about the tariffs — removing U.S. alcohol from shelves and boycotting America. 'This is a negotiation. So sometimes we say, 'oh, I'm not satisfied. Oh, Canadians are difficult.' Well, of course, yes, we are difficult because we're fighting for Canada,' Carney told reporters on Monday. The administration has taken particular issue with British Columbia Premier David Eby, a progressive politician, who has been one of Trump's most vocal critics. They think he is too emotional because he often lambastes the president on national networks, three officials told POLITICO, instead of working to resolve trade concerns. The administration had similar concerns with Prime Minister Justin Trudeau.
Yahoo
3 hours ago
- Yahoo
Corn Bears Hold onto Losses at Monday's Close
Corn futures closed out the Monday session holding to their bearish sentiment from earlier in the day. Contracts were down 5 to 6 cents at the close. The CmdtyView national average new crop Cash Corn price was down 5 1/4 cents at $3.71 3/4. USDA reported a private export sale of 225,000 MT of corn to Mexico this morning all for 2025/26. Another 229,000 was sold to unknown destinations, with 35,000 MT for 2024/25 and 194,000 MT for 2025/26. More News from Barchart Does the 2025 Corn Crop Have a Pollination Problem? Weather Shocks vs. Oversupply: Are You Trading SRW Wheat's Next Big Move? Adverse Brazilian Weather and Tariff Concerns Boost Coffee Prices Get exclusive insights with the FREE Barchart Brief newsletter. Subscribe now for quick, incisive midday market analysis you won't find anywhere else. Crop Progress data indicated 76% of the US corn crop was silking as of 7/27, 1 point back of the 5-year average. The crop was 26% in the dough stage, vs. the 24% average. Condition ratings were down 1 point at 73% gd/ex and 384 on the Brugler500 index. USDA tallied corn export shipments at 1.522 MMT (59.93 mbu) during the week ending on July 24. That was up 54.55% from last week and 42.16% above the same week last year. Of that total, 610,316 MT was headed to Japan, with 460,381 MT on its way to Mexico. Marketing year exports have totaled 60.34 MMT (2.376 bbu), which is 29.25% above the same period last year. Over the weekend, President Milei of Argentina announced a reduction in the export tax for corn back to 9.5%, from 12%. AgRural estimates the Brazilian second corn crop at 68% harvested as of Thursday, shy of the 91% complete from the same week last year. Sep 25 Corn closed at $3.93 3/4, down 5 3/4 cents, Nearby Cash was $3.78 1/2, down 6 1/4 cents, Dec 25 Corn closed at $4.14, down 5 cents, Mar 26 Corn closed at $4.31 1/4, down 5 1/4 cents, New Crop Cash was $3.71 5/8, down 5 1/4 cents, On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on
