A.G. Lafley, the company's current chairman and CEO will move to a full time position as chairman, allowing Chief Financial Officer Robert McDonald to move into the CEO position, effective July 1, the company said.
"A.G. Lafley has led the transformation of P&G over the past nine years," director of the company's board Jim McNerney said. "P&G is a far more consumer-driven, externally focused and innovative company than it was a decade ago," he said.
McNerney said McDonald was "the most broadly and globally experienced CEO in P&G history," with 30-years experience in "brand-building, market development, global business unit and global operations leadership experience."
Lafley said McDonald "has my complete confidence and support."
"He believes in P&G's Purpose and P&G people to his core," he said.