Procter & Gamble (PG) has named 35-year company veteran David Taylor its new chief executive officer, replacing A.G. Lafley, effective Nov. 1. So who is the man that will be taking the helm of the consumer products giant? Taylor has served as group president of the company's global beauty, grooming and health care businesses since January 2015. 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, North Carolina. He began his career at P&G the same year he graduated from Duke University, where he studied electrical engineering. Lafley will remain as executive 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.' TheStreet's Brittany Umar reports from New York.