AG Lafley has returned to the helm of P&G, following a nine-year stint as president and chief executive officer from 2000 to 2009.
Lafley, who joined P&G in 1977, will begin the role immediately, replacing Robert McDonald. McDonald retires on 30 June after 33 years at the company, serving four of those as chief executive from 2009 onwards.
P&G investors had become increasingly impatient with the company's slow progress of late, with Pershing Square's Bill Ackman commenting last October that the company had 'stumbled' under McDonald's leadership.
The FMCG giant would not comment on what spurred McDonald's decision to leave, stating only, “Bob has made a personal decision to retire. The company has made steady progress under his leadership, particularly in recent quarters. The board felt that given Bob’s desire to retire, AG was uniquely qualified to return to the company to continue the progress the company was making.”
Commenting on his reappointment to the two roles, AG Lafley said, "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."
