Procter & Gamble Co is replacing Chief Executive Officer Bob McDonald with his predecessor, A G Lafley, as the world's largest consumer-products maker struggles to rekindle growth at home and abroad.
McDonald embarked on a turnaround plan last year to cut $10 billion in costs through 2016 and renew focus on the company's leading businesses after losing market share to such rivals as Unilever. Activist investor Bill Ackman bought a stake valued at $1.8 billion last year and pushed to replace McDonald. The shares advanced 4 per cent to $81.87 at 10:16 am in New York.
Lafley, 65, who started working at P&G in 1977 and served as president and CEO from 2000 to 2009, will succeed McDonald immediately.
McDonald embarked on a turnaround plan last year to cut $10 billion in costs through 2016 and renew focus on the company's leading businesses after losing market share to such rivals as Unilever. Activist investor Bill Ackman bought a stake valued at $1.8 billion last year and pushed to replace McDonald. The shares advanced 4 per cent to $81.87 at 10:16 am in New York.
Lafley, 65, who started working at P&G in 1977 and served as president and CEO from 2000 to 2009, will succeed McDonald immediately.
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