McDonald confirmed as new CEO of P&G
CINCINNATI Procter & Gamble on Wednesday confirmed the appointment of Robert McDonald, currently COO, as president and CEO of the company, effective July 1. He succeeds A.G. Lafley, who will become chairman.
The Wall Street Journal initially reported the news on Tuesday, citing sources familiar with the matter.
"A.G. Lafley has led the transformation of P&G over the past nine years," stated Jim McNerney, president director of P&G's board. "P&G is a far more consumer-driven, externally focused and innovative company than it was a decade ago. P&G's organization is world-class. The board is confident that A.G. and Bob have made the right choices to deal with the current economic realities and have built the leadership team to guide P&G through the decade ahead. It?s the right time for Bob to step up as CEO. The board is also pleased that A.G. will continue to serve full-time as P&G?s chairman."
McDonald, who has also been appointed a member of P&G's board, has nearly 30 years of brand building, market development, global business unit and global operations leadership experience across the company.
McDonald, a West Point graduate who served as a U.S. Army captain, joined P&G in 1980. He rose through the ranks quickly, managing such brands as Solo, Cascade, Tide and Dawn. In the 1990s, McDonald spent his time in Asia as P&G expanded its reach beyond North America.
In 2004, he was appointed vice chairman-global operations and has served as COO for the past two years.
During his tenure at P&G, Lafley has revitalized the company and coordinated the $57 billion acquisition of Gillette Co., creating a consumer products powerhouse with more than 20 billion-dollar brands.
The recession has hampered P&G's business as consumers are curbing spending, and in May the company issued a lower-than-expected earnings forecast for fiscal 2010, but at least one source told the WSJ that Lafley's departure has been in the works for at least two or three years and is not related to any dissatisfaction with his performance.
"I've worked with Bob for most of my career at P&G, and he and I have worked side-by-side over the past decade," stated Lafley. "He believes in P&G's purpose and P&G's people to his core. He has broad experience in every facet of P&G's business and in virtually every part of the world. He has a strong and consistent track record of business results and has been an integral member of my leadership team. He thinks strategically and operates systemically. He has my complete confidence and support."