P&G Names Company Veteran as New CEO

Procter & Gamble (P&G) has named a new CEO. David Taylor, a 35-year company veteran, will take over as President and CEO on November 1. Taylor, currently Group President of Global Beauty, Grooming and Health Care, will take over for A.G. Lafley who returned from retirement to serve as CEO in 2013.

Lafley will lead the Board of Directors, and provide advice and counsel to the new CEO and P&G on business strategies, portfolio choices, and organization decisions. 

“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.”

Taylor will be taking over as P&G has a still-pending $12.5 billion transaction to merge 43 of its beauty brands with Coty Inc.

Taylor joined P&G in 1980 and has helped to build many of P&G’s core businesses, including Baby Care, Family Care, Hair Care and Home Care. He has led global businesses, and lived and worked in North America, Europe, and Asia. Most recently, Taylor served as Group President of Global Beauty, Grooming and Health Care. Prior to that, Taylor was responsible for Family Care and Home Care, both of which delivered consistent double-digit profit and mid-single-digit sales growth under his leadership. He has worked closely with Lafley on the Company’s strategy to strengthen and focus P&G’s business and brand portfolio.

“I am honored to serve as P&G’s CEO,” said Taylor. “I believe in the power of P&G people, brands, products and values. 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.”

Lafley served as CEO from 2000 to 2009, returning from retirement in 2013.

“We are leading P&G’s most comprehensive transformation in our history,” said Lafley. “We are a more focused and balanced company, committed to winning with consumers and creating value for shareholders. 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.”