P&G to appoint David Taylor as CEO
CINCINNATI — Procter & Gamble will name David Taylor as its next president and CEO, effective Nov. 1, according to the company. He has also been appointed to the board of directors.
“I am honored to serve as P&G’s CEO,” Taylor said. “I believe in the power of P&G people, brands, products and values. P&G is transforming to be a faster-growing, more profitable company. I am committed to the strategies, and look forward to leading the people of P&G to win with consumers, drive growth and create shareholder value.”
Taylor currently serves as president of P&G’s global beauty, grooming and healthcare division. He joined the company in 1980, helping expand its baby care, family care, hair care and home care businesses in North America, Europe and Asia. Under Taylor’s leadership in the family care and home care divisions, P&G saw consistent double-digit profit and mid-single-digit sales growth, the company said.
Taylor will succeed A.G. Lafley, who will act as P&G’s executive chairman and lead the board of directors.
“We are leading P&G’s most comprehensive transformation in our history,” Lafley said. “We are a more focused and balanced company, committed to winning with consumers and creating value for shareholders. We have strengthened our brand and product innovation pipeline, while streamlining our cost structure. With our plans for portfolio realignment essentially complete, P&G is positioned to deliver improved results.”
Lafley acted as CEO from 2000 to 2009, and 2013 to date, nearly tripling P&G’s market capitalization, according to the company.
“We thank A.G. [Lafley] for returning as CEO to lead P&G’s transformation,” Jim McNerney, lead director of P&G’s board of directors, said. “The company is now organized into four industry-based sectors with a focused portfolio of 10 categories and 65 brands that play to P&G’s strengths. Productivity results are strong and sustainable. Stronger category business and product innovation plans are in place.”
Earlier this July, the company sold some of its beauty brands to Coty in a $12.5 billion deal.