Just Do It: Chew Our Gum

By Andrew Jenkins in News on Oct 23, 2006 4:34PM

For the first time ever, the Wm. Wrigley Jr. Co., or just plain old Wrigley as it should be known anyway, will be managed by a person whose last name is not Wrigley. Instead, it’s Perez. William Perez, former CEO of Nike and SC Johnson, was named the president and CEO of Wrigley, replacing Bill Wrigley Jr. The gum company has branched out in recent years, acquiring Life Savers and Altoids to blend with its traditional brands like Juicy Fruit and Wrigley’s Spearmint.

Apparently the switch in leadership came following pressure from the Wrigley family to hire a “professional manager” to replace Wrigley Jr. and boost the company’s declining stock value. Double ouch. Chicagoist is glad we won’t be sitting around the dinner table at the Wrigley mansion tonight. In Wrigley Jr.’s defense, the company’s overall sales have doubled to nearly $4 billion since he came on board in 1999, but apparently there were some screw-ups with the Altoids/Life Saver acquisition, and somebody needed to take the fall.

Immediately following the announcement, shares of Wrigley jumped more than $0.13, as jaws everywhere began chomping. But the more important question is what this move will mean for you, the gum-chewing public? The answer to that is: probably nothing, keep chewing.

Image via The Chewing Gum World.