Global beauty, health care executive tabbed to succeed A.G. Lafley
P&G said late Tuesday that Taylor is slated to take the helm as CEO on Nov. 1, at which time Lafley will become executive chairman.
“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,” Taylor said in a statement. “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.”
Since joining P&G in 1980, Taylor is credited with helping build many of the consumer packaged goods supplier’s core businesses, including baby care, family care, hair care and home care. Before taking on his current post in January, Taylor ran the family care and home care businesses, both of which generated consistent double-digit profit gains and mid-single-digit sales increases during his tenure.
Taylor has worked closely with Lafley on sharpening the focus of the P&G’s business and brand portfolio. The strategic review has led to the divestiture of many brands, most recently some major names in the beauty category.
“David is a proven leader who has the experience and track record of delivering results,” stated Jim McNerney, lead director of P&G’s board. “He has a broad understanding of P&G’s business, having worked on several categories in multiple regions around the world. He has helped build many of the company’s most successful brands and businesses. The board is confident that David will lead P&G to execute the company’s strategies to win with customers.”
As executive chairman, Lafley will head P&G’s board and advise Taylor and other members of the management team on strategic and organizational decisions.
Lafley served as P&G’s chief executive from 2000 to 2009 and in May 2013 returned from retirement to serve as CEO. P&G noted that since 2000 he has played a central role in leading the company to double the its sales and nearly triple its market capitalization. And since his return as CEO, Lafley has led the P&G team in focusing and balancing the company’s goals, strategies, portfolio and structure for improved performance, P&G said.
“We are leading P&G’s most comprehensive transformation in our history,” Lafley commented. “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.”