Procter & Gamble brings back A.G. Lafley as CEO

CINCINNATI (AP) — Procter & Gamble says it is replacing CEO Bob McDonald with former CEO A.G. Lafley, effective immediately.

Lafley, 65, served as CEO at the world’s largest consumer goods maker from 2000 to 2009. He will also take the chairman title.

McDonald, who has worked for P&G for 33 years, and became CEO after Lafley retired, will retire on June 30.

Under McDonald, Cincinnati-based P&G, which makes products ranging from Tide detergent to Swiffer sweepers, had some stumbles. Those included pricing missteps and expanding too rapidly in some emerging markets, leading to lower revenue growth than shareholders expected.

In P&G’s most recent quarter, net income rose 6 percent as the company cut costs, but fourth-quarter guidance was below expectations.

Shares edged up 41 cents in aftermarket trading to $79.11.

WKBN 27 First News provides commenting to allow for constructive discussion on the stories we cover. In order to comment here, you acknowledge you have read and agreed to our Terms of Service. Commenters who violate these terms, including use of vulgar language or racial slurs, will be banned. No links will be permitted. Please be respectful of the opinions of others. If you see an inappropriate comment, please flag it for our moderators to review.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s