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8-K - AG LAFLEY RETIREMENT FROM BOARD - PROCTER & GAMBLE Co | lafleyretire.htm |
News
Release
|
The
Procter & Gamble Company
One
P&G Plaza
Cincinnati,
OH 45202
|
FOR
IMMEDIATE RELEASE
ROBERT
A. McDONALD ELECTED CHAIRMAN OF P&G BOARD OF DIRECTORS
A.G.
Lafley “Retiring with Confidence” after 32 Years
CINCINNATI,
Dec. 8, 2009 – The Procter & Gamble Company (NYSE:PG) Board of Directors
today announced the following organizational changes:
·
|
A.G.
Lafley, (62), chairman of the board, will retire from the Company
effective February 25, 2010. He will step out of his role as
chairman on January 1, 2010.
|
·
|
Robert
A. McDonald, (56), currently president and chief executive officer, has
been elected chairman of the board, in addition to his other
responsibilities, effective January 1,
2010.
|
Since
becoming president and chief executive officer in June 2000, A.G. Lafley has
refocused P&G on consumer-driven innovation and consistent, reliable
sustainable growth. The Company has more than doubled sales since the
beginning of the decade, and has grown its portfolio of billion-dollar brands –
brands that generate at least $1 billion in annual sales – from 10 to
22. On average, annual organic sales have grown 5%, core
earnings-per-share have grown 12% a year, and free cash flow productivity has
been 112% a year since 2001. The Company’s market capitalization has
more than doubled – making P&G one of the five most valuable companies in
the U.S. and among the 10 most valuable companies in the world.
Lafley
was succeeded as chief executive officer by Robert A. McDonald on July 1,
2009. He has continued to serve as chairman of the board to support
the management transition, a practice that P&G has followed during multiple
management changes over decades.
“I am
retiring with confidence in Bob McDonald and his team,” Lafley
said. “Our strategies and plans are working; the Company delivered a
strong July – September quarter and we expect sequential improvement over the
balance of the fiscal year. 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.”
“The
Board is confident that now is the right time for Bob McDonald to serve as both
chairman and chief executive officer,” said Jim McNerney, presiding director of
P&G’s Board. “We are also grateful for the extraordinary
leadership and commitment that A.G. has provided for the past nine years as CEO
and also for the invaluable contribution he’s made during this management
succession, which has been nothing short of exemplary.“
“A.G. has
worked side-by-side with me and our leadership team before and since I became
CEO,” McDonald said. “He has been one of the greatest Chairmen and
CEOs in P&G history. He cannot be replaced but I am honored to
succeed him.”
About
Procter & Gamble
Four
billion times a day, P&G brands touch the lives of people around the world.
The company has one of the strongest portfolios of trusted, quality, leadership
brands, including Pampers®, Tide®, Ariel®, Always®, Whisper®, Pantene®, Mach3®,
Bounty®, Dawn®, Gain®, Pringles®, Charmin®, Downy®, Lenor®, Iams®, Crest®,
Oral-B®, Duracell®, Olay®, Head & Shoulders®, Wella®, Gillette®, Braun® and
Fusion®. The P&G community includes approximately 135,000 employees working
in about 80 countries worldwide. Please visit http://www.pg.com for the latest
news and in-depth information about P&G and its brands.
# # #
P&G
Media Contact:
Paul Fox,
+1.513.983.3465
fox.pd@pg.com