Proctor & Gamble: Bob McDonald (Chairman & CEO)
Why this was a big quit:
After living and breathing P&G for 33 years (4 years as CEO), why did Bob McDonald resign, effective immediately? McDonald was expanding the company’s reach into emerging markets, top line increased during a very tough recession, stock price was improving. His departure is a loss of experience and leadership to the largest consumer goods company in the world.
Why this is not as big as our Top 10:
The numbers may tell another story. Since July 2009 when McDonald took the helm, bottom line revenue dropped 20%. P&G lost market share in nearly 50% of its categories, to lower priced (and by some accounts more innovative) competitors. After a very slow start, and a rough second quarter, his vision would never align with the board, or Wall Street, who wanted results faster.