Procter & Gamble names Taylor to succeed Lafley as CEO

Lafley will continue to be the chairman and will help Taylor with the transition as per the media report. He reportedly emerged as P&G’s heir apparent in January after he was named the leader of the beauty, grooming and health-care businesses, which together accounted for nearly half of P&G’s annual sales.

The company is also making an effort to execute its exit plan for nearly hundred of its brands that have underperformed in the past years.

Last month, Mr. Lafley said in a private meeting with a small group of analysts and investors that he is looking forward to leave the company in better condition than where it was when he joined. (COTY) in a Reverse Morris Trust deal valued at about $12.5 billion. With the sale, P&G cedes its position as the largest beauty-product seller to L’Oreal SA, according to Euromonitor global. “So it will be a while before the new CEO can be measured for his own strategy”. Still, the old CEO may stay on for a period after the change is announced, according to the person. Lafley with David Taylor, a “company veteran”. “Our experience and industry contacts suggest that Taylor will be more continuity than change at P&G”. P&G has been suffering from steady sales decline and plunging share prices.

The revamped P&G will have to compete against a host of upstarts, which are winning customers with natural and organic brands. He has also served as P&G’s president & CEO from 2000 to 2009.

Taylor started his P&G career in 1980 as a production manager in a North Carolina factory that made adult diapers and sanitary napkins.