Lafley will officially step down as chairman in January and will be handing over the reins to Robert McDonald, the president and CEO of P&G. McDonald will serve as chairman, in addition to his other responsibilities.
Lafley had been P&G's president and CEO since June 2000, where he has been credited with steering the leading consumer goods company in a direction that has doubled its sales. Over the years, P&G has built a portfolio of billion-dollar brands and has more than doubled its market capitalization.
P&G's average core earnings-per-share has grown 12% a year and its free cash flow productivity has been 112% a year since 2001."I am retiring with confidence in Bob McDonald and his team," Lafley said. "Our strategies and plans are working; the company delivered a strong July-September quarter and we expect sequential improvement over the balance of the fiscal year. P&G is innovating across the business, investing in near- and longer-term growth, and maintaining rigorous cash and cost discipline. This is the right time to complete our management transition." McDonald succeeded Lafley as CEO in July. He has worked in several positions at P&G since 1980 in the U.S., Canada, Japan, Korea, the Philippines and Belgium. In 2004 he was appointed vice chairman of global operations and was promoted to chief operating officer in 2007. In July, he went on to become the company's president CEO.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV