A.G. Lafley will return as Procter & Gamble Co.’s CEO, replacing Bob McDonald who announced his plans to retire from the company, P&G said in statement May 23.
Lafley served as P&G’s president and CEO from 2000 to 2009. He will take over as CEO effective immediately. He has also been elected to the board of directors and will serve as its chairman.
McDonald is retiring from the company on June 30 after 33 years of service. Lafley’s track record with P&G and experience were key factors in the board’s decision to rehire him, says Jim McNerney, presiding director of P&G’s board.
"The board expects A.G. to further improve results, implement the current productivity plan, and facilitate an ongoing succession process,” McNerney said. “The board is confident that he will continue improving P&G’s performance.”
McDonald joined the Company in 1980 and served as president and CEO from 2009 to 2013.
For more information, visit www.pg.com.