????放棄“目的激發型增長”戰略，執行“有所取舍”的決策戰略。5月23日，寶潔公司（P&G）CEO兼總裁雷富禮在接替麥睿博之后的首次盈利電話會議上就傳達出這樣的信息。

????首先，從數字上來看，寶潔公司2013年的年凈銷售額增長了1%，達到了842億美元，核心每股收益上漲了5%，超出了分析師調低之后的預期。這家公司的股票上漲了1%，至截稿前，每股價格為81.40美元。很明顯，麥睿博任職期間所采取的提高生產效率的措施，以及涉及約7,000人的裁員，產生了一定的效果。

????然而，這家大型消費品公司在近幾年所經歷的低迷一方面源自創新問題，另一方面也與成本削減有關。由于它在新興市場的增速低于競爭對手聯合利華（Unilever ），導致公司士氣受挫。此外，公司在北美和美容行業的表現也非常糟糕。雷富禮任職期間，公司在這兩個領域曾經經歷過爆發式的增長，之后逐漸趨于平穩。公司前任高管們所談及的公司文化也毫無生氣，使公司喪失了一直以來為其不斷吸引人才的那種自豪感。

????雖然公司內部的情緒有所好轉，但從雷富禮的話中，我們很難聽出他到底打算采取哪些措施，來恢復公司昔日的榮光。雷富禮提到了將“生產效率變成公司的核心優勢，與創新一樣”。他還提到自己上一次擔任公司CEO時對寶潔實施的非凡改革。上一次，雷富禮接替了任職僅一年的杜克?賈格爾。雷富禮以非常微妙的方式對他前任的表現進行了評價——受邀出面接管寶潔權杖之前，他一直隱居幕后。他說：“過去兩個月，我們進行了深入研究。我們努力去了解客戶和市場，我們希望看到事務的本質，而不是我們希望的樣子。”

????雷富禮表示，未來他將引導公司向他所謂的“價值創造”轉變，執行“有所取舍”的決策策略。他說：“不論在哪個市場領域，價值都是關鍵因素。所以，不論人們是以145美元買一瓶（高端護膚霜）SK-II，還是花一兩美元買Charmin Basic，其中都有各自的價值等式。我們永遠不會單純靠價格進行競爭。”

????這些都很有道理，但如果投資者想知道公司關于新產品、生產效率措施或競爭措施的具體信息，或許會大失所望。當然，寶潔稱未來將只提供年度業績指導，不再提供季度業績指導，但每個季度都會對年度指導進行更新——此舉與競爭對手聯合利華的做法類似，聯合利華根本不提供任何指導。短期內，這種做法或將緩解公司的壓力。但鑒于以往的事實，我們不禁會猜測，雷富禮是否認為寶潔需要采取更激進的措施，比如對公司的內部組織結構進行調整。他說：“我們認為，今年是一個過渡的年份。今年公司將會拿出什么樣的表現，我們會拭目以待。”

????希望未來的寶潔不用經歷太多的過渡年份。（財富中文網）

????譯者：劉進龍/汪皓??

????"Purpose-inspired growth" is out. "Choiceful" decisions and "value creation" are in. That was the message of P&G (PG) CEO and Chairman A.G. Lafley's first earnings call since replacing Bob McDonald in the corner office on May 23.

????First, the numbers, which beat analysts' already lowered expectations, with fiscal 2013 annual net sales up 1%, to $84.2 billion and core earnings per share up 5%. The stock rose 1%, to $81.40 on the news. It is clear that the productivity improvements put into place under McDonald, which have included some 7,000 job cuts to date, are delivering some results.

????But the malaise that the massive consumer goods company has suffered from in recent years is as much about innovation as it has been about cost-cutting. Morale suffered under McDonald as the company failed to grow at the pace of rivals like Unilever (UL) in emerging markets. It has also stumbled badly in North America and in the beauty business -- both of which had exploded under Lafley's tenure before leveling off. Former executives spoke of a corporate culture that had stagnated and a loss of the P&G pride that made the company a talent magnet for so long.

????While the mood is said to be improving at the company, it was difficult to tell from Lafley's remarks what exactly he intends to do to restore the company to greatness. Lafley spoke of making "productivity a core strength, just like innovation," and alluded to his remarkable transformation of P&G the last time he was CEO, when he was brought in to replace Durk Jager after just over a year. In a very subtle dig at the previous regime -- which he stood behind until being asked to take over -- Lafley said, "We have spent the past two months doing a deep dive. We are seeking to understand our consumers and our markets, and we are trying to see things as they are, not as we want them to be."

????Going forward, Lafley said he would orient the company around what he called "value creation" and making "choiceful" decisions. "Regardless of what segment you're in," he said, " value is a factor. So if you're buying [high end skin cream] SK-II at 145 bucks, there's still a value equation. If you're buying Charmin Basic at a buck or two, there' s a value equation. We are never going to compete purely on price. "

????All of this makes sense, but those looking for specifics on new products, productivity initiatives, or competition were surely disappointed. Also, P&G said it would provide only annual earnings guidance going forward rather than quarterly guidance, though annual guidance would be updated quarterly -- a move that's more in line with rival Unilever, which doesn't issue guidance at all. That may ease some pressure in the short term, but it's hard not to wonder, based on past history, if Lafley will conclude that something a bit more radical is needed, such as, perhaps, a reorganization of the company's internal organizational structure. "We view this as a transition year," he said. "And we'll see how it goes."

????Hopefully, there aren't too many more transition years on the horizon.