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Procter & Gamble names new CEO

Procter & Gamble plans to appoint Chief Operating Officer Robert McDonald to replace current CEO AG Lafley, it was reported in the US

Procter & Gamble plans to appoint Chief Operating Officer Robert McDonald to replace current CEO AG Lafley, it was reported in the US.

The board of the consumer products' giant is expected to approve the appointment today, July 09. Lafley who is expected to step down on July 1, will remain as a chairman under the new management and maintain a hands-on approach in managing the company.

The move comes at a critical juncture for the 172-year old company as the tough economy and new competitors are forcing it to revamp the way it has done business for decades. Consumers are turning away from some of its products and investors are questioning whether the company has become too big to grow at a high rate.

Fifty-five-year-old McDonald, a former army ranger, has spent 29 years with the company. He joined as a marketing executive and in more recent years became a vice president in 2004 and a chief operating officer in 2007.

9th June 2009

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