P&G Price Hikes, Job Cuts, CEO Transition Announced

Procter & Gamble (P&G) announced mid-single-digit price hikes on about 25% of its U.S. products starting in August, citing $1 billion in added costs from newly imposed tariffs by President Donald Trump. The company is undergoing restructuring efforts, including job cuts, to cope with softer market growth in the U.S. and Europe and inflationary pressures. P&G has communicated the price increases to major retailers such as Walmart and Target, aiming to combine the hikes with product improvements to minimize impact on consumers. The company reported quarterly revenue and profit above estimates, but its latest earnings forecast fell below analysts' expectations, reflecting a cautious outlook amidst ongoing economic and geopolitical uncertainty. COO Shailesh Jejurikar will become CEO effective January 1, 2026, succeeding Jon Moeller, who will become executive chairman. Executives also noted that lower-income consumers are increasingly opting for cheaper alternatives as households adjust spending.