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P&G brings back A.G. Lafley as CEO, McDonald out

by FP Staff  May 24, 2013 05:30 IST

REUTERS - Procter & Gamble Co (PG.N) on Thursday brought back A.G. Lafley to run the world's largest household products maker, replacing Bob McDonald in the roles of chairman, president and chief executive officer effective immediately.

The move comes as some investors have pushed for faster improvements from the world's largest household products maker.

Lafley first joined P&G in 1977 and served as president and CEO from 2000 to 2009, when he handed the CEO post over to McDonald.

The maker of Tide detergent and Gillette razors also stood by its fiscal year and fourth quarter guidance. Its fiscal year ends on June 30.

McDonald, 59, is set to retire on June 30, after 33 years at P&G.

(Reporting by Jessica Wohl in Chicago; Editing by Bernard Orr)