This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

P&G To Tap McDonald as CEO: Report

Updated from Tuesday, June 9

Procter & Gamble (PG - Get Report) is expected to announce Wednesday that Chief Operating Officer Robert McDonald will become the company's CEO, a report says.

P&G employees on Tuesday received an email inviting them to watch a Webcast hosted by current CEO A.G. Lafley on Wednesday at 9:30 EDT. Lafley will retain his post as chairman of the company's board, the Wall Street Journal reports, citing people familiar with the situation.

The Journal reported that P&G's board, meeting Tuesday, was expected to approve the appointment of McDonald, chief operating officer, as the company's CEO.

Lafley served as CEO for nine years. The transition is expected on July 1, the Journal reports.

As CEO, Lafley orchestrated a $57 billion acquisition of Gillette Co. and more than doubled sales to $83.5 billion in the fiscal year ended June 2008. Central to his strategy was moving toward beauty and premium household products with higher profit margins, the Journal noted on Tuesday.

Lafley, who is almost 62 years old, is leaving earlier than many observers expected. Someone close to P&G said this transition timing has been in the works for at least two to three years and isn't related to any dissatisfaction with his performance, the Journal reports. According to another person close to P&G, the maker of Crest, Pampers and Tide products, Lafley has been looking to leave his CEO post for a couple of years but the board wanted him to remain.

Lafley expects to play a hands-on role in managing the company, the newspaper reports, citing a person familiar with the matter.

McDonald has been with P&G for 29 years. The 55-year-old is a veteran of the Asian businesses that P&G has increasingly targeted for growth and has worked closely with Lafley on P&G strategy.
Copyright 2009 Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
PG $81.20 0.00%
AAPL $94.02 0.00%
FB $104.07 0.00%
GOOG $683.57 0.00%
TSLA $162.60 0.00%


Chart of I:DJI
DOW 16,204.97 -211.61 -1.29%
S&P 500 1,880.05 -35.40 -1.85%
NASDAQ 4,363.1440 -146.4150 -3.25%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs