Reuters

(Reuters)

P&G: David Taylor to Replace A.G. Lafley as CEO

Business Leaders Reuters

Procter & Gamble Co veteran David Taylor will replace A.G. Lafley as chief executive in a widely expected move that coincides with a massive overhaul at the world's largest household products maker.

Continue Reading Below

Taylor's appointment is effective Nov. 1, and on the same day Lafley will become executive chairman of the board, P&G said in a statement.

P&G has been struggling with sluggish sales due to "choppy" growth in developed markets, tough competition and a strong dollar.

To rejuvenate growth, P&G has been streamlining its business and earlier this month said it would sell more than 40 brands to perfume maker Coty Inc for $12.5 billion to narrow its focus on fewer, faster-growing brands such as Tide and Gillette.

Taylor joined P&G in 1980 and has been the group president of the company's global health & grooming business since 2013. In January his role was expanded to include P&G's ailing beauty business.

Lafley, who returned to take over as CEO of the consumer goods giant in 2013 after having led the company from 2000-2009, is expected to remain as chairman, the Journal reported.

Continue Reading Below

The appointment was first reported by the Wall Street journal on Monday.

The company's shares closed up 0.3 percent at $80.23 on the New York Stock Exchange on Tuesday.

(Reporting by Subrat Patnaik in Bengaluru; Editing by Savio D'Souza)