Lafley Steps Aside: P&G Names New CEO
The Procter & Gamble Company's board of directors announces the following organizational changes:
* A.G. Lafley, chairman of the board and chief executive officer, will move full-time into his role as chairman, effective July 1, 2009.
* Robert A. McDonald, currently chief operating officer, has been elected president and chief executive officer, effective July 1, 2009. McDonald has also been appointed a member of P&G's board of directors.
"A.G. Lafley has led the transformation of P&G over the past nine years," says Jim McNerney, presiding director of P&G's board. "P&G is a far more consumer-driven, externally focused and innovative company than it was a decade ago. P&G's organization is world-class. The board is confident that A.G. and Bob have made the right choices to deal with current economic realities and have built the leadership team to guide P&G through the decade ahead. It's the right time for Bob to step up as CEO. The board is also pleased that A.G. will continue to serve full-time as P&G's chairman."
Since becoming president and chief executive officer in June 2000, A.G. Lafley has refocused P&G on consumer-driven innovation and consistent, reliable sustainable growth. The company has more than doubled sales since the beginning of the decade, and has grown its portfolio of billion-dollar brands - brands that generate at least $1 billion in annual sales - from 10 to 23. On average, organic sales have grown 5 percent, core earnings-per-share have grown 12 percent, and free cash flow productivity has increased 111 percent since 2001.
* A.G. Lafley, chairman of the board and chief executive officer, will move full-time into his role as chairman, effective July 1, 2009.
* Robert A. McDonald, currently chief operating officer, has been elected president and chief executive officer, effective July 1, 2009. McDonald has also been appointed a member of P&G's board of directors.
"A.G. Lafley has led the transformation of P&G over the past nine years," says Jim McNerney, presiding director of P&G's board. "P&G is a far more consumer-driven, externally focused and innovative company than it was a decade ago. P&G's organization is world-class. The board is confident that A.G. and Bob have made the right choices to deal with current economic realities and have built the leadership team to guide P&G through the decade ahead. It's the right time for Bob to step up as CEO. The board is also pleased that A.G. will continue to serve full-time as P&G's chairman."
Since becoming president and chief executive officer in June 2000, A.G. Lafley has refocused P&G on consumer-driven innovation and consistent, reliable sustainable growth. The company has more than doubled sales since the beginning of the decade, and has grown its portfolio of billion-dollar brands - brands that generate at least $1 billion in annual sales - from 10 to 23. On average, organic sales have grown 5 percent, core earnings-per-share have grown 12 percent, and free cash flow productivity has increased 111 percent since 2001.