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Procter & Gamble Co. said Thursday that beauty executive Virginia Drosos will leave the company Sept. 1 and several key beauty categories will move their headquarters to Singapore.
The world's largest consumer product company said Drosos, global president beauty, skin, cosmetics and personal care, was the architect behind the move but elected not to move herself because it was in the best interest of her two teenage children and husband.
P&G, which makes Olay skin cream and Tide laundry detergent, also said it is moving its skincare, cosmetics and personal care corporate headquarters from its main office in Cincinnati to Singapore over the next two years. No jobs are being cut. The move will affect about 20 people.
Procter & Gamble and other consumer goods companies are increasingly looking to emerging markets in Asia and elsewhere for growth as developed markets like North America slow. P&G expects emerging markets will account for 37 percent of its annual sales by the end of the fiscal year.
P&G also said recently that an Asian skincare brand, SK-II, became one of its 26 "billion dollar brands," brands with annual sales of at least $1 billion.
Drosos, 49, will be replaced by Deborah Henretta, 51, currently the group president of Asia. Henretta will be succeeded by Hasunori Kiriyama, 49, currently the vice president of Japan. He will be the first Asian head of Asia, and will oversee all of Asia except Greater China, which will continue to be led by Shannan Stevenson.
P&G is the midst of a restructuring plan to reduce costs. It involves cutting 5,700 jobs and saving $10 billion by the end of fiscal year 2016. Two weeks ago the Cincinnati-based company said its third-quarter net income dropped 16 percent, hurt by costs related to the restructuring plan and continued high costs for things like diesel fuel and packaging.
Shares rose 53 cents to $64.20 in midday trading.