Procter & Gamble will promote David Taylor as its new chief executive from November, as its current CEO A.G. Lafley will become the firm’s executive chairman.
Taylor, a 35-year veteran of P&G who currently serves as head of global beauty, grooming and healthcare, also will take the president role.
Taylor said: “I am honoured to serve as P&G’s CEO. I believe in the power of P&G people, brands, products and values. P&G is transforming to be a faster-growing, more profitable company. I am committed to the strategies, and look forward to leading the people of P&G to win with consumers, drive growth and create shareholder value.”
Taylor joined P&G in 1980 and has helped to build many of P&G’s core businesses, including Baby Care, Family Care, Hair Care and Home Care. He has led global businesses, and lived and worked in North America, Europe, and Asia.
Lafley said: “We are leading P&G’s most comprehensive transformation in our history. We are a more focused and balanced company, committed to winning with consumers and creating value for shareholders. We have strengthened our brand and product innovation pipeline, while streamlining our cost structure.
“With our plans for portfolio realignment essentially complete, P&G is positioned to deliver improved results. The Board and I are confident that now is the time to transition the CEO role to David who will sharpen the strategies and lead the execution of the next important phase of building a better P&G.”