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It was, and still is, a radical idea. As we studied outside sources of innovation, we estimated that for every P&G researcher there were 200 scientists or engineers elsewhere in the world who were just as good—a total of perhaps million people whose talents we could potentially use. But tapping into the creative thinking of inventors and others on the outside would require massive operational changes. We needed to move the company's attitude from resistance to innovations "not invented here" to enthusiasm for those "proudly found elsewhere." And we needed to change how we defined, and perceived, our R&D organization—from 7,500 people inside to 7,500 plus million outside, with a permeable boundary between them.

Institutional investors, such as State Street and BlackRock — representing a combined percent stake in P&G — voted in favor of Peltz, a source familiar with the situation told The Post. Vanguard, P&G’s largest shareholder with a 7 percent stake, voted in favor of P&G, the source added.

In January 2005, P&G announced the acquisition [9] of Gillette , forming the largest consumer goods company and placing Unilever into second place. This added brands such as Gillette razors, Duracell , Braun , and Oral-B to their stable. The acquisition was approved by the European Union and the Federal Trade Commission , with conditions to a spinoff of certain overlapping brands. P&G agreed to sell its SpinBrush battery-operated electric toothbrush business to Church & Dwight , [10] and Gillette's Rembrandt toothpaste line to Johnson & Johnson . [11] The deodorant brands Right Guard , Soft and Dri, and Dry Idea were sold to Dial Corporation . [12] The companies officially merged on October 1, 2005. Liquid Paper and Gillette's stationery division, Paper Mate , were sold to Newell Rubbermaid . In 2008, P&G branched into the record business with its sponsorship of Tag Records, as an endorsement for TAG Body Spray . [13]

Sir, please inform your accounting department that, effective immediately, there will be an $8 drop in monthly profits, for I have chosen to take my maxi-pad business elsewhere. And though I will certainly miss your Flexi-Wings, I will not for one minute miss your brand of condescending bullshit. And that’s a promise I will keep. Always.

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Martin H. Richenhagen, Chairman, President and Chief Executive Officer, AGCO Corporation

Mr. Richenhagen is a member of the following committees:

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