Incoming Procter & Gamble boss AG Lafley today said that a sense of
"duty" had persuaded him to return to his former job at the consumer goods
P&G said yesterday that Bob McDonald would leave in the midst of a major restructuring demanded by investors. Lafley is taking on the roles of chairman, president and chief executive. McDonald is to retire on June 30 after 33 years at P&G. McDonald had been Lafley's hand-picked successor.
Lafley, who will be 66 next month, said: "Bob retired, the board called me and I felt like duty called. I'm back to help maintain the business momentum and keep this productivity programme going,"
Shareholders are pushing for faster improvements from the maker of Tide detergent and Gillette razors. P&G unveiled a pounds sterling 6.6 billion restructuring in February 2012. It has cut thousands of jobs and taken other steps to speed up operations, improve its success with new products and do a better job in both fast-growing emerging markets and in larger, developed markets.
(c)2013 London Evening Standard
Visit the London Evening Standard at www.standard.co.uk
Distributed by MCT Information Services
Most Popular Stories
- Hezbollah Chief's Assassination Claimed by Sunni Group
- Allstate Seeks to Invest in Minority Firms
- SpaceX's Satellite Launch Is 'Game-Changer'
- U.S. Growth Stayed Steady During Shutdown, Fed Says
- Newtown Massacre Heard on 911 Recordings
- Latin Music Conference Turns 25
- Climate Change Early Warning System Urged
- Guardian Pressured to Stop NSA Stories: Editor
- New Home Sales Shoot up 25 Percent in October
- Reid Confident Congress to Pass Immigration Bill