Procter & Gamble will move its skin care, cosmetics, and personal-care headquarters from Ohio to Singapore to be closer to the growing Asian market, and the president of the group will leave instead of move.
The relocation, which is expected to take two years, reflects P&G’s desire to run the business out of Asia, where it sees the biggest growth opportunity. It was announced less than three months after P&G unveiled a restructuring plan aimed at saving USD10 billion and helping the world’s largest household products maker expand faster in emerging markets.
P&G’s beauty business head Virginia Drosos chose to retire rather than uproot her family, according to a P&G spokesman. Deb Henretta, group president of P&G’s Asia and global specialty channel, will take over as group president of global skin care, cosmetics, and personal care.