Strengthening Our

P&G employee hands box of Tide PODS to another P&G employee whose back is to the camera.

One of the most important things about our strategy—portfolio, superiority, productivity, constructive disruption, and an empowered, agile and accountable organization—is that it is inherently dynamic, not static. It requires being responsive to changing consumer needs and habits. It demands we serve evolving customer needs in rapidly transforming channels.

Going forward, we have identified four areas to be even more deliberate and intentional about pursuing to further strengthen the execution of our strategy.


The first is Supply. We are improving our supply chain capacity, agility, cost efficiency and resilience for a new reality and a new age. The capability investments we made prior to COVID-19 to improve our manufacturing and distribution networks in the U.S. and Europe helped us to manage through the last few years with relatively few prolonged issues. We are already making the next round of investments needed to ensure we have multiple qualified suppliers for key inputs, sufficient manufacturing capacity to satisfy growing demand and flexibility to meet the changing needs of all types of retailers.


The second area is Environmental Sustainability. We are integrating sustainability into our product, packaging and supply chain innovation work to develop irresistibly superior offerings for consumers that are better for the environment. For example, our new cardboard packaging on Gillette razors reduces plastic packaging and offers a noticeably superior experience for consumers at the first and second moments of truth. Another example is our new fully-recyclable, paper packaging on our premium Always Cotton Protection pads recently launched in Germany. One more example is cold-water washing with Tide and Ariel. When people turn their wash cycles to cold, they can save up to 90% of the energy used on every load of laundry, while saving money. They also get greater satisfaction because their colors look brighter, and their clothes look newer longer. Better for the consumer, better for our planet.


Third, we are increasing our Digital Acumen to drive consumer and customer preference, reduce cost and enable rapid and efficient decision making. Increased digitization of our manufacturing lines, more use of artificial intelligence and more use of blockchain technology are not ends unto themselves. They are tools we can use to delight consumers and customers.


Fourth, a Superior Employee Value Equation for all gender identities, races, ethnicities, sexual orientations, ages, and abilities—for all roles—to ensure we continue to attract, retain and develop the best talent. By definition, this must include equality. To deliver a superior employee value equation, there must be something in it for everyone.

These are not new or separate strategies. They are necessary elements of focus in continuing to build superiority, in reducing cost to enable investment and value creation, and in strengthening our organization. They are part of the constructive disruption we must continue to lead.

VARIOUS STATEMENTS IN THIS ANNUAL REPORT, including estimates, projections, objectives and expected results, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are generally identified by the words “believe,” “expect,” “anticipate,” “intend,” “opportunity,” “plan,” “project,” “will,” “should,” “could,” “would,” “likely” and similar expressions. Forward-looking statements are based on current assumptions that are subject to risks and uncertainties that may cause actual results to differ materially from the forward-looking statements, including the risks and uncertainties discussed in Item 1A – Risk Factors of the Form 10-K included in this Annual Report. Such forward-looking statements speak only as of the date they are made, and we undertake no obligation to update or revise publicly any forward-looking statements, except as required by law.