Lafley Rejoins P&G as Chairman, President & CEO

Succeeds retiring McDonald

George "A.G." Lafley

CINCINNATI -- Procter & Gamble (P&G) has announced that Alan George "A.G." Lafley has rejoined the company as president and CEO, effective immediately. He has also been elected to the board and will serve as its chairman.

Lafley joined P&G in 1977 and served as president and CEO from 2000 to 2009. He succeeds Robert McDonald, who is retiring from the company on June 30, 2013, after 33 years of service.

"A.G.'s track record and his depth of experience at P&G make him uniquely qualified to lead the company forward at this important time. The board expects A.G. to further improve results, implement the current productivity plan, and facilitate an ongoing succession process. The board is confident that he will continue improving P&G's performance," said Jim McNerney, presiding director of P&G's board.

"We thank Bob for his service and note the company's improving business performance. Under his leadership, the company expanded its business in developing markets, built a strong innovation pipeline, and has made substantial progress implementing a $10 billion cost savings and productivity program," he said.

Said Lafley, "I am looking forward to working with P&G's outstanding leadership team to continue to improve the company's performance. I am confident that we will deliver strong innovation, productivity and growth to win with consumers, customers and shareholders."

McDonald joined the company in 1980 and served as president and CEO from 2009 to 2013.

P&G's portfolio of brands includes Pampers, Tide, Ariel, Always, Whisper, Pantene, Mach3, Bounty, Dawn, Fairy, Gain, Charmin, Downy, Lenor, Iams, Crest, Oral-B, Duracell, Olay, Head & Shoulders, Wella, Gillette, Braun, Fusion, Ace, Febreze, Ambi Pur, SK-II and Vicks.