P&G announces Gorman, 70, to step down from board of directors

CINCINNATI Procter & Gamble has announced that Joseph T. Gorman, in accordance with the company's customary retirement age for directors, has announced his intention to retire effective October 2007 Gorman, who has been a director since 1993, will turn 70 on Oct. 1.

"Joe Gorman has served P&G's board with distinction for more than 14 years. Among his many contributions, he has served as chair of the Fnance Committee and a member of the Compensation & Leadership Development Committee," stated A.G. Lafley, P&G's chairman and chief executive. "We have benefited greatly from his long experience and seasoned counsel. We will miss him, and wish him continued success."

Gorman is the retired chairman and chief executive of TRW, an automotive, aerospace and information systems company. He currently serves as chairman and chief executive officer of Moxahela Enterprises LLC, a venture capital firm. He also serves as a director of Alcoa Inc., Imperial Chemical Industries plc, Tonsburg Magnesium Group International AB, and Vector Intersect Security Acquisition Corp.