P&G Chairman to Retire

CEO Robert McDonald to assume role

Procter & Gamble announced the retirement of chairman AG Lafley and said chief executive Robert McDonald would take on the additional title.

Lafley, 62, chairman of the board, will step down as chairman of the board on January 1 and retire from the company February 25, P&G, the maker of personal care products, said.

McDonald, 56, who took over from Lafley as chief executive on July 1, will become chairman at the start of 2010.

"I am retiring with confidence in Bob McDonald and his team," Lafley said. "Our strategies and plans are working... P&G is innovating across the business, investing in near- and longer-term growth, and maintaining rigorous cash and cost discipline. This is the right time to complete our management transition."

P&G produces a range of products including Pampers diapers, Tide and Ariel detergents, Gillette razors, Duracell batteries and Crest toothpaste.

Copyright Agence France-Presse, 2009

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