A key part of A.G. Lafley’s strategy for Procter & Gamble is entering new channels and categories where it can create value for consumers, the category, P&G and its shareholders. At the same time, he continues to evaluate “where not to play,” Lafley said at the Consumer Analyst Group of New York conference in February. In an effort to spur innovation and combat commoditization, the company has exited businesses representing $6 billion in sales, including pet food, ...

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