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TheConsumerBizBuzz News That Makes Teeth Whiter, Clothes Brighter, and Life Just Plain Better
TransactionNews
Nothing like a little M&A to get your mind off the soaring temperatures.
The Consumer Biz Buzz
is written and published by
Dave Hardie
Herbert Mines Associates
Executive Search Consultants
www.herbertmines.com
© 2018 Herbert Mines Associates
212 652-0336
■ Conagra is paying $8 billion for PinnacleFoods. The combined company will haverevenue of $11 billion, and the move createsmore scale in the frozen aisle.
■ Nestlé is paying more than $7 billionfor the rights to sell Starbucks coffee infood stores, both in the US and abroad.It is similar to the distribution deal Kraft hadbefore Starbucks took the business back.
■ P&G is paying $4 billion for Merck KGaA’sconsumer business, mostly vitamins andsupplements sold outside the US. They arenot to be confused with Merck & Co., theUS drug company that shares the name.
■ Heineken will pay $3 billion for 40% ofChina Resources Beer. They make Snow, theworld’s #1 brand by volume, and Heinekenhas struggled in the world’s biggest beermarket.
■ Energizer will pay $2 billion for the batteryand portable light business of SpectrumBrands. It adds the Rayovac brand to theirbattery portfolio, so it was surprising theFTC cleared the deal so quickly.
■ Energizer is also buying the Nu Finishautomotive care brands from Reed-Union,a specialty chemicals company.
■ Premium Brands of Canada bought ObertoBrands, the jerky company.
■ Hasbro paid $522 million for the rights tocharacters such as Mighty Morphin PowerRangers. The seller was Saban Entertainment.
■ Mondelez is paying $500 million for Tate’sBake Shop, a maker of premium cookies andbaked goods. Riverside is the happy seller,with Tim Spring playing a key role.
■ Keurig is investing in LifeFuels. They havedeveloped a portable device that makeshealthy drinks.
■ PepsiCo is buying Bare Foods, a maker offruit and vegetable snacks. The happy sellersinclude VMG and NGEN Partners.
■ Coca-Cola is buying a stake in BodyArmor,the sports drink that is #3 but growing.The idea is to challenge Gatorade.
■ Tyson is buying Tecumseh Poultry and theirSmart Chicken organic brand. Revenue isreportedly $170 million.
■ Mars is buying AniCura, an operator of vetclinics in Europe. We may think of Mars asa candy company, but pet is now theirbiggest business.
■ L’Oreal is buying Nanda, the companybehind Stylenanda makeup, as their firstforay into the Korean beauty market. Theyalso bought Pulp Riot, a hair color businessthat is strongest online.
Dog Days 2018
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■ Unilever is buying 75% of Equilibra, anItalian personal care company.
■ Prestige Brands is selling their householdcleaning business (Comet, Spic and Span,etc.) for $69 million. The move focusesthem strategically on consumer healthcare.
■ Lassonde Industries, a juice and drinkscompany, bought Old Orchard Brands for$149 million.
■ Dean Foods invested more in Good KarmaFoods, a maker of flaxseed-based dairyalternatives. They now own a majority stake.
■ Fresh Del Monte invested $4 million inPurple Carrot, a maker of plant-based mealkits for home delivery. They are alignedwith TB12, the wellness brand from thatunnamed quarterback who has won waytoo many Super Bowl rings.
■ B&G Foods is paying $32 million forMcCann’s, a premium Irish oatmeal. Theseller is TreeHouse Foods.
■ MGA Entertainment, which makes Bratzdolls, offered to buy Mattel. The big toycompany said thanks but no thanks. Orwords to that effect.
Private equity firms are ultimately in thebusiness of selling companies:
■ L Catteron sold Zarbee’s Naturals, a makerof cough syrup for children, to Johnson &Johnson.
■ Champ, an Australian PE firm, soldAccolade Wines to Carlyle Group for $750million. The Australian winery is knownfor the Hardys brand.
■ TPG sold their minority stake in Chobani,with Health Care of Ontario Pension Plan takingtheir place.
■ JW Childs is selling Kosta Browne, ahigh-end winery, to Duckhorn Vineyards.The buyer is owned by TSG Consumer.
■ Resilience Capital sold the Mean Green andRoto-Rooter product lines, which were partof CR Brands. The buyer, RPM International,owns Rust-Oleum and DAP.
Other private equity firms started thebuying cycle anew:
■ Kohlberg bought the Sara Lee frozen bakery business from Tyson Foods.
■ TPG Capital bought minority stakes in beauty company Anastasia Beverly Hills and skincare company Rodan + Fields.
■ Brynwood Partners is paying $375 million for Smucker’s US baking business. The brands include Funfetti, Pillsbury baking mix, and Hungry Jack pancakes.
■ Meanwhile, Brynwood bought Carolina Beverage. It will be added to Cold Spring Brewing, which mostly makes beverages for private label and other companies.
■ AEA Investors and their ThreeSixty Group portfolio company bought Vornado, a maker of fans and other home comfort products.
■ Seidler Equity is paying $395 million to Newell Brands for the Rawlings business. As an interesting twist, Major League Baseball will be a co-investor.
■ Meanwhile, ACON Investments is buying Goody Products from Newell. They make hair accessories and styling tools. (The 90s called; they want their scrunchies back.)
■ L Catteron invested $200 million for a minority stake in Honest Company. The business, which was co-founded by Jessica Alba, makes eco-friendly household and personal products.
■ Palladium Equity Partners invested in Spice World, a family-owned maker of garlic products and spreads.
■ BDT Capital bought Casa Dragones, a maker of small-batch tequila.
■ AGR Partners bought a minority stake in Vintage Wine Estates. They own the Clos Pegase, Cosentino, and B.R. Cohn brands.
■ Gryphon bought Milani Cosmetics, a masstige beauty company. Their brands are Milani and Jordana.
TransactionNews
Continued.
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TransactionNews
Continued.
■ Monogram Capital bought a minority stakein Ellenos, a premium Greek yogurt.
■ Encore Consumer Capital invested in TenderBelly. They make amazing bacon . . . andeverything is better with bacon.
■ Main Post Partners invested in Nulo, amaker of premium pet food. Pet companieshave been a sweet spot for PE investment.
■ Avista Capital and Dana Holdings boughtNizoral anti-dandruff shampoo from J&J.It will be added to Kramer Laboratories, theirOTC products company.
Among earlier stage companies:
■ CircleUp Growth Partners led growthfunding for Mented Cosmetics, a digitally-native brand for women of color. They didthe same for Kosås, a botanically-enrichedline of color cosmetics.
■ CAVU Venture Partners led a $20 millioninvestment in REBBL, a maker of super-herbdrinks based on coconut milk.
■ Califia Farms raised $50 million to growtheir vegan milk business. The lead VCfirm, Ambrosia Investments, was joined bysome celebrity investors.
■ Juul, the e-cigarette maker, is raising$1.2 billion. The company’s $16 billionvaluation will make it one of the most valuableventure-backed companies in the world.
You may have seen the “For Sale” signs:
■ Nestlé is reportedly close to buyingChampion Petfoods for over $2 billion.They make the Orijen and Acana brands.
■ Kimberly-Clark reportedly wants to selltheir European tissue business. The pricecould exceed $1 billion.
■ San Francisco voters upheld a ban onflavored vaping products by a 2-to-1 margin.Proposition E is a backlash to flavors likebubble gum, and it succeeded despite heavyadvertising by RJ Reynolds.
■ The European Union said Americanfarmers cannot call their cheeses by regionalnames. Names like Asiago, Parmesan, Swiss,and even Feta are reserved for productsfrom those regions.
■ A former CEO of Bumble Bee Foodswas indicted by a grand jury for allegedlyconspiring to fix prices from 2010 to 2013.
■ Some crazies at the Organic ConsumerAssociation have sued Ben & Jerry’s.Allegedly their marketing suggests the brandis 100% safe environmentally, when in factit can contain traces of glyphosate. (Spoileralert: the stuff is everywhere.)
■ Speaking of glyphosate, a San Franciscocourt ordered Monsanto to pay $289 millionafter deciding Roundup caused the plaintiff ’scancer. Expect the amount to be reduced
■ A Missouri court ordered J&J to pay$4.7 billion to 22 women who blametheir ovarian cancer on talc in Johnson’sBaby Powder.
Courtrooms andBureaucracy
We have some friends who arelawyers. And better friends
who are former lawyers.
■ Unemployment fell below 4% in May, thelowest level since December 2000.Unfortunately, we were involved in only afraction of the 213,000 jobs added in June.
■ Avon sold the last of their three USfactories. The new owner is Fareva Group,a French contract manufacturer.
■ General Mills is cutting 625 jobs. The cost-cutting effort is a reaction to profit pressure.
■ Kellogg cut 300 jobs as they closed operationsin Venezuela. The country is just too unstablepolitically and economically.
■ Mattel is cutting 2,200 jobs, or nearly25% of their white-collar employees. Theywill save $150 million annually after losing$240 million in the latest quarter.
■ TreeHouse Foods will close their Omaha office.The cost-cutting effort will eliminate 200 jobs.
Expanding &Contracting
As always, we prefer the former.
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People News
As in the theme song for “The Jeffersons,” these folks
are movin’ on up.
CEOs
■ Andy Callahan joined Hostess Brands asCEO. He was at Tyson, Hillshire Brands,and Kraft.
■ Casey Keller is joining Peet’s Coffee asCEO. He was at Mars, Wrigley, AlbertoCulver, Motorola, Heinz, and P&G.
■ Craig Bahner joined Sara Lee Frozen Bakeryas CEO, coming from Kellogg’s, Wendy’sand P&G. Meanwhile, CJ Fraleigh joined asexecutive chairman. He was at Shearer’s,Sara Lee, and PepsiCo.
■ Bill Nictakis joined Shearer’s Foods as CEO,stepping in from the board. He was atHanesbrands and Frito-Lay.
■ David Haines is joining KKR’s new GlobalSpreads Business, which they bought fromUnilever, as executive chairman. He was inplumbing fixtures most recently, but earlierhe was at Coca-Cola and Mars.
■ Jeff Hansberry joined Caveman Foods, amaker of paleo-friendly snacks, as CEO. Hewas at Advantage Solutions, Starbucks, Gallo,and P&G.
■ Jane Miller joined Lily’s Sweets, whichis backed by VMG, as CEO. She was atHannahMax Cookie Chips, ProYo, Rudi’sOrganic, Heinz, Bimbo, and Frito-Lay.
■ Louis Camilleri is joining Ferrari (perhapsthe world’s coolest non-CPG company) asCEO. He ran Philip Morris until 2013.
■ Bill George joined Freeman Beauty as CEO.Most recently he was at Markwins NorthAmerica, another beauty company.
■ Michael Taylor is joining San Diego-basedGreen Flash Brewing as CEO. He was atAnheuser-Busch, where he led their craftbeer acquisitions.
■ Marc Rovner joined Matrixx Initiatives,the Zicam people, as CEO. He was onBoehringer Ingelheim’s consumer and petbusinesses, as well as at J&J and Pfizer.
■ Roy Lubetkin is now the CEO ofSchlotterbeck & Foss, a maker of premiumprivate label sauce and condiments. Mostrecently he ran Lightlife Foods, after startingwith 15 years at Kraft.
■ Grace Ray joined Milani Cosmetics as CEO.She was at Living Proof, Smashbox, Nestlé,and L’Oreal.
■ Jack Kelly joined Del Real Foods, a makerof Mexican refrigerated foods, as executivechair. His last CEO role was at AmericanItalian Pasta Company.
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People News
Continued.
Presidents and GMs
■ April Anslinger joined Aveda as GM ofNorth America. She was at Schwan Foodand P&G.
■ Kimberly Evans Paige joined Sundial Brands,a personal care company now owned byUnilever, as COO. She was at Coty, Coca-Cola, and P&G.
■ Howard Friedman joined Post Holdings torun their consumer brands business unit.He was at Kraft Heinz.
Other moves failed to support the vitalheadhunter sector of our economy:
■ Colgate-Palmolive promoted Noel Wallaceto president and COO. He joined thecompany 31 years ago.
■ Smucker named David Lemmon aspresident of the pet business. The 24-yearvet succeeds Barry Dunaway, who is retiring.
■ Kimberly-Clark named Kim Underhill asgroup president of North America. Sheran their professional business, where sheis succeeded by Aaron Powell.
■ Mars promoted Andrew Clarke to globalpresident of confections (in other words,candy and gum). He was the division’s chiefmarketing and customer officer.
■ Flowers Foods promoted Ryals McMullianto COO. He was the company’s chiefstrategy officer.
■ Shiseido named Jill Scalamandre aspresident of Bare Escentuals. She continuesto run their global makeup center of excellence.
■ Campbell Soup named Luca Mignini asCOO, after he ran global biscuits andsnacks. They also named Ana Dominguez asthe president of Campbell Fresh.
CEOs continued
A number of moves failed to utilize ahighly-skilled executive recruiter.Or our competitors:
■ PepsiCo is promoting Ramon Laguarta, a22-year company vet, to CEO. Indra Nooyiis retiring after 12 years in the role.
■ Campbell Soup named Keith McLoughlin asinterim CEO, stepping in from the board asDenise Morrison departed. He ran Electroluxand worked at DuPont.
■ Spectrum Brands named David Maura asCEO. He had been the executive chairman.
■ Samsonite promoted Kyle Gendreau toCEO. He had been the CFO.
■ Revlon promoted Debbie Perelman, thedaughter of chairman Ron Perelman, fromCOO to CEO. She is the first woman to runthe beauty company in its 86-year history.
■ Mattel named Ynon Kreiz as CEO, steppingin from non-executive chairman. Hereplaces Margo Georgiadis, who left tobecome the CEO of Ancestry.com.
■ Brown-Forman promoted Lawson Whitingfrom COO to CEO. He succeeds Paul Varga,who is retiring after 15 years in the role.
■ Heineken named Maggie Timoney as CEOof their US business, after she ran Ireland.She is the first woman to run a majorUS brewer.
■ Land O’ Lakes promoted Beth Ford fromCOO to CEO. She succeeds Chris Policinski,who retired after 12 years in the role.
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Sales and Marketing
■ Diego Palmieri has joined Campbell Soup asCMO of US meals and beverages. He wasat SC Johnson.
■ Alison Miller joined Arbor Investments, aPE firm, as CMO. She was with theChicago Cubs and General Mills.
■ Anthony Koperski joined Bear Down Brands,a maker of personal and home care products,as VP of sales. He was at HoMedics.
■ Stacey Harbour joined Manna Pro, a petproducts company, as chief commercialofficer. She was at Spectrum Brands.
■ Jim Donnelley joined Siggi’s, an Icelandicyogurt brand, as SVP of sales. His CPGwork includes Twinings, Nestlé Waters,Coca-Cola, Snapple, and PepsiCo.
■ Seth Monette joined Lily’s Sweets as SVPof sales. He was at General Mills andInterbake before entering the startup world.
■ Shannon Toyos joined Kite Hill, a maker ofplant-based cheeses and yogurts, as VP ofmarketing. She was at Smucker, Shutterfly,Del Monte, and Clorox.
■ Rob Christian joined MyWebGrocer as SVPof client engagement. As such, he continuesto work with leading grocery retailers andCPG brands.
■ Dina Howell, Phyllis Jackson, John Mang,and Tom Muccio joined C-Suite Consulting-Partners Group as senior partners. Like every-one at that consulting firm, they started at P&G.
Yada yada about promotions from within:
■ Kimberly-Clark named Giusy Buonfantino asCMO. She ran baby and child care inNorth America.
■ Colgate-Palmolive named Justin Skala aschief growth and strategy officer. He joinedthe company 36 years ago.
■ Nestlé named Yumi Clevenger-Lee as CMOof Nestlé Waters. She was at Cereal PartnersWorldwide, their JV with Kellogg.
■ Albertsons promoted Sean Barrett to SVPof advertising and marketing. He was atP&G before joining the chain in 2015.
■ Newly-merged Keurig Dr Pepper namedAndrew Springate (from the Dr Pepper side)as CMO and Derek Hopkins (from Keurig)as chief commercial officer.
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Other Functions
■ Shawn Bushouse joined Vital Proteins, aleading maker of collagen supplements, asCFO. He was at J. Skinner and Kellogg.
■ Benedetto Conversa is joining Avon as chiefdigital and IT officer. He started at P&G.Meanwhile, Heather Payne joined as CTOof the London-based company.
■ Curtis Roffers joined Corelle Brands,the cookware people, as CFO. He wasat Kraft Heinz.
■ Juan Bertini joined GT’s Living Foods asCFO. He was at thinkThin, Big Heart Pet,and Heinz.
■ Sandy Patel joined Califia Farms as CFO.He was in investment banking.
■ Esra Erkal-Paler is joining Coty as chiefglobal corporate affairs officer. She was atAstraZeneca, L’Oreal, and Unilever.
■ Melinda Whittington is joining La-Z-Boy asCFO. Her background includes Kraft Foodsand P&G.
■ Laraine Mancini joined Estee Lauder as SVPof investor relations. Most recently she wasat Univision.
■ Alan Lake joined Blue Apron as chief supplychain officer. He was at Revlon, VenturaFoods, Campbell Soup, Brown-Forman, OceanSpray, and P&G.
■ Karen Reuther is joining Reebok as globalcreative director. She was at Nike.
■ Gerardo Perez-Camargo is joining Freshpet asVP of R&D. He has worked at Nestlé Purinaand Mars.
■ Bill Drislane joined Finally Light Bulbs torun operations and R&D at this maker ofnext generation light bulbs. His backgroundincludes SharkNinja and iRobot.
■ Someone named Rana joined Entenmann’sas Chief Donut Officer. Before you get allenvious, the one-time pay is only $5,000.
Enough with the internal moves!
■ Colgate-Palmolive promoted HenningJakobsen from corporate controller to CFO.He succeeds Dennis Hickey, who is becominga vice chairman.
■ Procter & Gamble promoted Damon Jonesto VP of global communications.
■ Campbell Soup promoted Emily Waldorfto SVP of corporate strategy.
■ Mondelez promoted Luca Zaramella toCFO. He is a 20-year company veteran.
■ Acushnet, the parent of Titleist andFootJoy, promoted Thomas Pacheco to CFO.
■ Post Holdings named Chris Neugent as EVPof strategy. He was running their consumerbrands unit.
■ Newly-merged Keurig Dr Pepper named asenior team. From the Keurig side, MegNewman leads HR, Ozan Dokmecioglu isCFO, Andrew Loucks runs appliances, MariaSceppaguercio runs corporate affairs, andRich Jones is chief integration officer. Fromthe Dr Pepper side, Jim Baldwin is generalcounsel, Rodger Collins runs DSD, LainHancock is chief strategy officer, FernandoCortes runs supply chain, David Thomas runsR&D, and Jim Trebilcock runs franchisebottlers and international.
People News
Continued.
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Board of Directors
■ Bill McComb is joining the Deckers board.He has CPG roots at J&J.
■ Bridget Ryan Berman and Judith Sprieser arejoining the Newell Brands board. The formeris a consultant who once ran Victoria’sSecret Direct; the latter founded Transoraafter being at Sara Lee.
■ Debra Crew and Jim Craigie joined theNewell Brands board before our last issue.Both were CEOs – at Reynolds Americanand Church & Dwight, respectively.
■ Mike Mardy joined the board of Vince, theluxury apparel and accessories company. Hewas at Tumi and Nabisco.
■ Geralyn Breig joined the Hanesbrands board.She is a CPG vet who now runs AnytownUSA, an e-commerce retailer of American-made products.
■ We failed to mention that Sheila Stanzialejoined the board of Foster Farms. She was theCEO of Mighty Leaf Tea.
■ Anil Arora, the CEO of a financial servicesfirm, joined the board of Conagra Brands.Meanwhile, former Hershey CEO Rick Lennyis stepping up to chair the board.
■ JP Falcão Vieira joined the Craft BrewAlliance board. He has one of Anheuser-Busch’s two seats.
■ Jennifer Hyman and Jennifer Tejada joinedEstée Lauder’s board. They run Rent theRunway and PagerDuty, respectively.
■ Jim Skidmore and Jeff Swain joined theboard of bacon maker Tender Belly. Bothwere at Coleman Natural Foods.
■ Mike Lorelli joined the board of KPISoft,a company bringing AI to operating metrics.He has had several CEO stints after runninga PepsiCo division.
Obituaries
■ Ted Dabney died at 81. He pioneered thevideo game industry by co-founding Atariand helping to create Pong.
■ Mike Blumenfeld died at 90. He built thebeauty business at Bloomingdale’s, helpinglots of cosmetics brands along the way.
■ Jim Olson died at 68. He was on the boardof Maple Leaf Foods, and was previously inoperations at PepsiCo and E&J Gallo.
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■ Diageo is launching Ketel One Botanical,which is lower in alcohol and calories. As afun fact, it is not technically vodka becauseit is not 40% alcohol by volume. Instead, itsays “made with vodka” on the label.
■ Loyal readers know about Metallica’s newliquor brand. Another music legend, BobDylan, has launched Heaven’s Door bourbonand whiskey, named for his 1973 hit. Thebottles are gorgeous.
■ Along those lines, rock & roll hall-of-famer Jon Bon Jovi has introduced a Frenchrose called Hampton Water. Trivia tip: hisgiven name is John Bongiovi.
■ The new flavors of Diet Coke (ZestyBlood Orange, etc.) accomplished animportant feat. The brand grew volume inNorth America for the first quarter since2010.
■ Brown-Forman ended 15 years of havingJack Daniel’s sponsor the Iditarod sled race.It looks like a victory for PETA.
■ The latest rage in dairy is A2 milk, which contains only the A2 form of beta-caseinprotein and is supposedly easier to digest.It started in New Zealand and comes fromdifferent cows than A1 milk.
■ If you haven’t noticed, the NorthAmerican beer business is in trouble as con-sumers, especially Millennials, shift to wineand spirits. The Beer Institute (yes, it’s athing) says 2017 was the first year beer rep-resented less than half (49.7%) of all drinks.Craft beers are growing, but not fast enoughto stem the tide.
■ Meanwhile, AB InBev introducedBudweiser Freedom Reserve Red Lager. It issupposedly inspired by a beer recipe inGeorge Washington’s journal from 1757.
■ As a slightly different reaction, MolsonCoors formed a JV to produce non-alcoholiccannabis-infused beverages for the Canadianmarket.
■ Procter & Gamble became one of the firstbig CPG companies to disclose virtually allingredients on the SmartLabel website. Youget there by scanning a product’s QR code.
■ Unilever has pledged not to work withsocial media influencers who buy followers.It is an effort to ensure transparency in mar-keting.
■ The lines are blurring between e-commerceand traditional retail. For example, nowHelloFresh is putting their pre-portioned mealkits into nearly 600 grocery stores.
Marketing & Strategy
If this doesn’t work, try theopposite next year.
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■ The trend we have seen on a microbasis is now confirmed broadly – we are ina candidate’s market. For the first time since2000, there are more job openings thanunemployed Americans to fill them. Thatmeans clients really need a great search firm.
■ Businessweek says the top 10 packagedfood companies lost $19 billion in revenueover the past three years.
■ As a related item,The Wall Street Journalsays 16 CEOs have stepped down at big foodcompanies during the past two years.
■ Just say no to resume inflation. Overstatedacademic credentials were a factor in RameshTainwala’s resignation as CEO of Samsonite.
■ This issue’s other ethics sermon involvesinsider trading. A credit analyst and twofriends were charged with doing just thatwhen Sherwin-Williams bought Valspar.
■ Pitchbook reports there were 18% fewerM&A deals in Q1 than a year ago. Dealsinvolving PE firms were down only 4%.
■ Morning Consult, a market research firm,has ranked what they call America’s MostLoved Brands. Naturally, the top 10 is dominatedby CPG: Hershey (#2), Pillsbury (#3),Kellogg’s (#6), Betty Crocker (#8), CampbellSoup (#10T), and Colgate (#10T).
■ The strength of food brands on thatlist reminds us of an old rule of thumb. Thecloser a brand gets to our mouths, the moreemotionally connected we are to it.
■ J&J was named #1 on DiversityInc’s listof top companies for diversity. Other CPGcompanies in the top 50 are P&G (#15),Kellogg (#18), Hershey (#33), McCormick(#37), and Colgate (#38).
■ Buoyed by confidence in the current jobmarket, US workers are more willing to leavefor better situations. Government data say3.4 million Americans quit their jobs inApril, which is near the 2001 peak.
■ The Wall Street Journal reported on astudy by research firm Dscout. On averagewe spend almost two and a half hours a day onour cellphones.
■ With that in mind, no wonder there isa thing called nomophobia, which is theunreasonable fear of being without yourphone or unable to use it. Technically,some say it is less of a phobia and more ofan anxiety disorder. Potato, potahto.
In Closing
Humbly submitted for yourvacation reading pleasure.
Chart from
Morning Consult website
