P&G turned itself around strongly in 2018. That’s the good news. The bad news is that the 182-year-old company’s performance has been in a deep hole, and the struggle to get out still has a ways to go. P&G last November announced a major reorganization intended to simplify the famously bureaucratic organization and increase accountability for results. Activist investor Nelson Peltz, who joined the board last spring after a bruising fight with CEO David Taylor and the board, had been pushing for just such a change. Financial results have been improving impressively, held back by weakness at its Gillette unit.
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