Making P&G; New and Improved

A.G. Lafley transformed a legendary but ossifying company by organizing around innovation

John Carrico / Alias Imaging for TIME

Lafley forced P&G;'s inward-looking culture to face the boss—the customer.

Procter & Gamble is a place you'd look for wash-day miracles, not management revolutionaries. Yet A.G. Lafley, CEO since 2000, proved otherwise. He drove relentless change at the famous but once flailing company. In The Game-Changer, written with management guru Ram Charan, Lafley explains how P&G; flourished by organizing around customer-driven innovation. He talked with TIME's Bill Saporito:

So how's business at P&G;? We try to grow our organic sales, which means--not including any acquisition, not including any currency, all of that--4% to 6% a year in markets that grow a couple of percent a year. So we're obviously trying to...

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