Markus Strobel, who has been leading Procter & Gamble’s skin and personal care divisions for a significant period, will retire on August 1st. This announcement has initiated a restructuring of P&G Beauty’s senior management team. Freddy Bharucha, currently serving as the president of North American personal care and beauty operations, will take over as the global president of personal care. Sue Kyung Lee, the chief executive officer of SK-II, will assume the global president of P&G Skin Care.
Bharucha will now be responsible for managing brands like Old Spice and Secret, while Lee will oversee Olay and SK-II under her portfolio. Both Bharucha and Lee will begin their new roles on July 1st, reporting directly to Alex Keith, the CEO of P&G Beauty.
Strobel’s journey with P&G began in 1991 in the Home Care division before he transitioned to Beauty & Grooming. Throughout his career, he has gained experience across various categories. Notably, he is recognized for his successful revitalization of SK-II, transforming it from a brand experiencing a prolonged sales decline to becoming the leading skincare brand in Asia during his leadership.
In the second quarter of fiscal year 2024, P&G reported net sales of $21.4 billion, up three percent compared to the previous year. Organic sales, which don’t include foreign exchange effects and changes from acquisitions and divestitures, rose by four percent. Diluted net earnings per share were $1.40, down 12% from the previous year, mainly due to a non-cash impairment of the Gillette intangible asset. Core net earnings per share stood at $1.84, marking a 16% increase from the previous year.
In 2023, Procter & Gamble’s beauty sales reached $15 billion, surpassing Estée Lauder for the first time within the calendar year. Despite facing macroeconomic challenges in key markets like China, it demonstrated resilience. However, due to the impact of Chinese consumer resistance, SK-II’s sales in Greater China plummeted by 34% in the fourth quarter of 2023.”
