Procter & Gamble Co (NYSE:PG, ETR:PRG) announced that it plans to cut approximately 7,000 jobs over the next two years as part of a restructuring initiative.
The layoffs represent roughly 6% of P&G’s total workforce of about 108,000 employees and account for nearly 15% of the company’s non-manufacturing roles.
The restructuring effort was outlined by chief financial officer Andre Schulten during the Deutsche Bank Global Consumer Conference in Paris.
As part of the restructuring, P&G will reduce team sizes, consolidate roles, and exit select product lines in certain international markets.
Specific details about which markets and brands will be affected are expected to be disclosed in July.
“This restructuring program is an important step toward ensuring our ability to deliver our long-term algorithm over the coming two to three years,” Schulten said. “It does not, however, remove the near-term challenges that we currently face.”
The company, known for brands like Tide, Pampers, Gillette, and Crest, is navigating a complex economic landscape marked by shifting consumer habits and increased operational costs, worsened by tariffs.
Shares of P&G traded down 1.8% at about $163 in the early afternoon on Thursday.