• October 13, 2009

Procter & Gamble's president and CEO Bob McDonald conceded to stockholders at its annual meeting on Tuesday that the year has been the worst in over 50 years, but that the company will aim to add a billion customers in the next five years.

McDonald said that a combination of simplifying the company's structure and expanding its business into new countries and new products will be essential to P&G's long-term growth success.

He suggested that P&G's global strategy will focus on developing economies and under-served and un-served consumers. "We will continue to develop faster growing, structurally attractive businesses with global leadership potential," he said, at the meeting in Cincinnati, where the company is based.

"More than at any time in our company's 170-plus year history, we have the brands, capabilities, strategies and financial flexibility necessary to expand our product portfolio into more parts of the world."

He also said former CEO and current Chairman of the Board, A.G. Lafley has transformed the company over the past nine years, taking P&G's market capitalization from about $74 billion (or 35th among the Fortune 500) to close to $170 billion.

The company said its net sales for fiscal 2009 were $79 billion, up 2%.--Karl Greenberg