P&G president, CEO named chairman

CINCINNATI Procter & Gamble has elected Robert McDonald, current president and CEO, as chairman, effective Jan. 1.

A.G. Lafley, current chairman, will retire effective Feb. 25. However, he will step out of his role as chairman on Jan. 1.

"I am retiring with confidence in Bob McDonald and his team," stated Lafley. "Our strategies and plans are working; the company delivered a strong July-September quarter and we expect sequential improvement over the balance of the fiscal year. P&G is innovating across the business, investing in near- and longer-term growth, and maintaining rigorous cash and cost discipline. This is the right time to complete our management transition."

Lafley was succeeded as CEO by McDonald on July 1. He has continued to serve as chairman to support the management transition.

"A.G. has worked side-by-side with me and our leadership team before and since I became CEO," McDonald stated. "He has been on of the greatest chairman and CEOs in P&G history. He cannot be replaced but I am honored to succeed him."