Hasta La Creative!

Procter & Gamble Co. plans to divest, discontinue or merge more than half of its brands globally as it restructures to focus on its top 70 to 80 brands, Chairman-CEO A.G. Lafley said on the company’s earnings conference call today.

The move comes more than 14 months after Mr. Lafley returned as CEO, and at the end of a fiscal year he described as meeting P&G’s financial commitments but falling well short of what it should have done.

“We delivered our business and financial commitments in 2013-14, but we could have and should have done better,” Mr. Lafley said. “If just a couple of businesses that missed their going-in operating plans had delivered, we would have achieved our initial leadership-team goals,” which includes 4% sales growth vs. the 3% organic growth reported for the year and 2% for the quarter, and improved market share rather than “roughly holding share,” as reported.

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