New chief at P&G expected to cut marketing dollars

The man Procter & Gamble’s board is expected to appoint as CEO, Robert McDonald, currently the company’s chief operating officer, may “streamline” P&G’s marketing budget, the Wall Street Journal reported. “That effort could cut a number of ad agencies and marketing firms out of the spoils, according to ad executives close to the company,” WSJ said. P&G is the world’s biggest advertisers, spending about $8.7 billion annually. McDonald would replace the curre…