Procter & Gamble names David Taylor CEO, current CEO AG Lafley will become executive chairman

MarketsAssociated Press

Procter & Gamble has named David Taylor as president and chief executive effective Nov. 1.

The executive, who heads P&G's global beauty, grooming and health care, succeeds A.G. Lafley, who will stay on with the Cincinnati company as executive chairman.

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Procter & Gamble said Tuesday that Taylor will also join the board of directors. Taylor started with P&G in 1980.

The consumer goods company, which makes items ranging from Head & Shoulders to Pampers, will report its quarterly earnings Thursday morning.