This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
TheStreet Open House

Procter & Gamble Chairman to Retire

Stocks in this article: PG

CINCINNATI, OH ( TheStreet) -- The chairman Procter & Gamble (PG), A.G. Lafley, 62, will retire fr0m the company by February of next year.

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.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

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.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,765.21 +87.31 0.52%
S&P 500 1,960.60 +9.78 0.50%
NASDAQ 4,470.0040 +17.2120 0.39%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs