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David Taylor takes over as CEO of Procter & Gamble

By Danielle Haynes
David Taylor is taking over as CEO of Procter & Gamble for A.G. Lafley. Photo courtesy Procter & Gamble
David Taylor is taking over as CEO of Procter & Gamble for A.G. Lafley. Photo courtesy Procter & Gamble

CINCINNATI, July 28 (UPI) -- For the second time in six years, A.G. Lafley is handing over the reins as CEO of Procter & Gamble, this time to David Taylor, the company announced Tuesday.

Lafley is stepping down as the company's CEO to serve as executive chairman, and Taylor, group president of global beauty, grooming and health care, will succeed him, P&G said in a news release Tuesday.

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This is the second time Lafley has relinquished the role; the first time was in 2009 when Lafley partially retired to serve as chairman. Robert McDonald -- now head of Veterans Affairs -- took over for him then.

Lafley came back to the role in 2013 when McDonald retired under pressure after a downturn in P&G's beauty sales, slow innovation and sinking morale, Fortune magazine reported.

"We thank A.G. for returning as CEO to lead P&G's transformation," said Jim McNerney, lead director of P&G's board. "The company is now organized into four industry-based sectors with a focused portfolio of 10 categories and 65 brands that play to P&G's strengths. Productivity results are strong and sustainable. Stronger category business and product innovation plans are in place. Now is the time to transition to David as CEO, while continuing to benefit from A.G.'s strategic counsel as executive chairman."

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Lafley said P&G is undergoing the "most comprehensive transformation in our history.

"We are a more focused and balanced company, committed to winning with consumers and creating value for shareholders," he said. "We have strengthened our brand and product innovation pipeline, while streamlining our cost structure. With our plans for portfolio realignment essentially complete, P&G is positioned to deliver improved results. The board and I are confident that now is the time to transition the CEO role to David who will sharpen the strategies and lead the execution of the next important phase of building a better P&G."

Taylor has been with P&G since 1980 and has worked with the company in North America, Europe and Asia.

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