P and G Chairman Lafley to retire in February
Procter & Gamble Chairman A.G. Lafley has decided to retire from the consumer products giant, almost a decade after first taking on the role.
Mr Lafley, who became President, Chairman and CEO in June 2000, will leave on February 25, 2010. His place will be taken by Robert McDonald, who took on the roles of President and Chief Executive Officer when Mr Lafley vacated those positions in July.
“Since becoming president and chief executive officer in June 2000, A.G. Lafley has refocused P&G on consumer-driven innovation and consistent, reliable sustainable growth,” the maker of Pringles said in a statement. “The Company has more than doubled sales since the beginning of the decade, and has grown its portfolio of billion-dollar brands – brands that generate at least $1 billion in annual sales – from 10 to 22.”
“The Company’s market capitalization has more than doubled – making P&G one of the five most valuable companies in the U.S. and among the 10 most valuable companies in the world.”
“I am retiring with confidence in Bob McDonald and his team,” Lafley said. “Our strategies and plans are working; the Company delivered a strong July – September quarter and we expect sequential improvement over the balance of the fiscal year. P&G is innovating across the business, investing in near-and longer-term growth, and maintaining rigorous cash and cost discipline.”
“This is the right time to complete our management transition.”
“A.G. has worked side-by-side with me and our leadership team before and since I became CEO,” McDonald added. “He has been one of the greatest Chairmen and CEOs in P&G history. He cannot be replaced but I am honored to succeed him.”