P&G Says A.G. Lafley Rejoins as Chairman, CEO
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Procter & Gamble Co. is replacing Chief Executive Officer Bob McDonald with his predecessor, A.G. Lafley, as the world’s largest consumer-products maker struggles to rekindle growth at home and abroad.
McDonald embarked on a turnaround plan last year to cut $10 billion in costs through 2016 and renew focus on the company’s leading businesses after losing market share to such rivals as Unilever. Activist investor Bill Ackman bought a stake valued at $1.8 billion last year and pushed to replace McDonald. The shares advanced 4 percent to $81.88 at the close in New York, for the biggest one-day gain since October 2009.