29.07.2015 01:45:22

P&G Names David Taylor CEO

(RTTNews) - Procter & Gamble Co., (PG) Tuesday announced the promotion of David Taylor to the role of Chief Executive Officer, as the consumer goods giant replaces Chief Executive A.G. Lafley for the second time.

David Taylor, a 35-year-veteran and currently Group President of Global Beauty, Grooming and Health Care, will take over reins of the company on November 1. He will also take over the role of President, while Lafley becomes executive chairman.

The move comes as no surprise as Taylor was considered to be the front-runner for the top job at P&G. He reportedly emerged as P&G's heir apparent in January after he was named president of the beauty, grooming and health-care businesses, which together account for almost half of P&G's annual sales.

Taylor joined P&G in 1980 and started his career as a production manager in a Greenville, North Carolina, factory. During his 35 years at the company, he rose through the ranks and has served in increasingly important positions in Asia as well as Europe.

During Lafley's second term as CEO, P&G announced plans in February to divest, discontinue or consolidate more than 100 non-core brands in a bid to become more nimble and improve its profitability as well as margins. At that time, the company said it was looking to have agreements in place for the divestitures by July 2015.

P&G agreed in early July to merge its beauty business with perfume maker Coty, Inc. (COTY) in a Reverse Morris Trust deal valued at about $12.5 billion. P&G's beauty business includes salon professional, retail hair color, cosmetics and fine fragrance as well as select hair styling brands businesses that encompasses 43 beauty brands.

"We thank A.G. for returning as CEO to lead P&G's transformation. 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," said Jim McNerney, lead director of P&G's Board. "Now is the time to transition to David as CEO, while continuing to benefit from A.G.'s strategic counsel as Executive Chairman."

Commenting on his appointment, Taylor said, "P&G is transforming to be a faster-growing, more profitable Company. I am committed to the strategies, and look forward to leading the people of P&G to win with consumers, drive growth and create shareholder value."

PG closed Tuesday's trading at $80.23, up $0.26 or 0.33%, on the NYSE.

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