Bob McDonald Steps Down As P&G CEO, Replaced By A.G. Lafley
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Bob McDonald has stepped down as chairman-CEO of Procter & Gamble Co. to be replaced by his predecessor, A.G. Lafley. Mr. McDonald, in less than four years on the job, saw the company lose ground to key rivals and weather heavy investor criticism.
Despite investor pressure, the timing of the move, which is effective June 30, came as a surprise. Mr. McDonald and Chief Financial Officer Jon Moeller had been pointing to momentum behind the company's nearly year-old turnaround plan, most recently at a Goldman Sachs investor conference last week. While down from recent highs, the company's stock was still up 26% on the year, just behind the S&P 500.
Mr. McDonald, 59, was scheduled to speak at a P&G alumni reunion in Geneva, Switzerland, on Saturday. In an odd parallel, Mr. Lafley made an appearance at a P&G alumni reunion days after he took charge of the company for the first time, in 2000.
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