Procter & Gamble Co (NYSE:PG) will replace Chief Executive A.G. Lafley with company veteran David Taylor in a widely expected appointment that could be announced as soon as Thursday, the Wall Street journal reported.
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The move by P&G, the world's largest household products maker, is pending a board meeting scheduled for Tuesday, the WSJ said, citing a person familiar with the matter.
The decision coincides with a massive overhaul of the company, which is struggling with sluggish sales due to "choppy" growth in developed markets, tough competition and a strengthening U.S. dollar.
The company has been streamlining its business, and earlier this month announced plans to sell off more than 40 brands to perfume maker Coty Inc
Taylor 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.
Taylor, who joined the company in 1980, has worked in various capacities in his 35-year tenure with the company serving in managerial roles across markets including China and Western Europe.
P&G declined to comment.
The company's shares closed down 0.4 percent at $79.97 on the New York Stock Exchange on Monday.
(Reporting by Subrat Patnaik, Siddharth Cavale and Natalie Grover in Bengaluru; Editing by Savio D'Souza and Andrew Hay)