P&G global marketing chief steps down

Jim Stengel, Procter & Gamble's global marketing officer, announced Tuesday that he will retire. He will be replaced by Marc Pritchard, the company's president for strategy, productivity and growth, effective Aug. 1. P&G spends about $8 billion a year promoting its products around the globe, making it the world's biggest advertiser. In a memorable 2004 address to the AAAA Media Conference, Stengel declared that existing models of advertising were "obsolete".

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