NEW YORK (TheStreet) -- Procter & Gamble PG has named 35-year company veteran David Taylor its new chief executive officer, replacing A.G. Lafley.

Who is the man that will be taking the helm of the consumer products giant? Taylor has been serving as group president of the company's global beauty, grooming and health care businesses since January. Prior to that, he was group president of global health and grooming since 2013 and president of global home care from 2007-2013. He's held a range of positions with the company, beginning as a production manager in 1980 in Greenville, N.C. He began his career at P&G the same year he graduated from Duke University, where he studied electrical engineering.

Lafley will remain on as chairman of the board to aid in the transition. The past two years marked his second turn as CEO, when he came back to succeed Bob McDonald, who stepped down amid investor discontent. Lafley has been focusing on cost-cutting and streamlining the company's focus on core brands, which has not yet resulted in driving significant sales growth.

Sterne Agee analyst April Scee said in a note, "CEO transitions are not Procter's strong point. However, it is both aware of its poor transition history (proactively discussing it in meetings we've attended) and determined to have a smooth transition when Lafley re-exits the C-Suite."

Barclays analyst Lauren Lieberman weighed in on concerns surrounding P&G's selection of Taylor. She said in a note, "Of course, many may call for more explicit change, and worry that as a P&G lifer, Mr. Taylor's tenure will just mean more of the same. We won't discredit that concern but do note that at our June meetings in Cincinnati we'd certainly sensed Mr. Taylor was already thinking about his corporate change agenda rather than just running his businesses. Specifically, our discussion of portfolio and business model structure, including more autonomy for individual business units, could prove instructive for how he will be thinking about the road ahead."

She has an equal weight rating on the stock with an $84 price target. P&G shares closed Tuesday at $80.23.

TheStreet Ratings team rates PROCTER & GAMBLE CO as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:

"We rate PROCTER & GAMBLE CO (PG) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its expanding profit margins, increase in stock price during the past year, largely solid financial position with reasonable debt levels by most measures and notable return on equity. We feel its strengths outweigh the fact that the company has had sub par growth in net income."

You can view the full analysis from the report here: PG Ratings Report