Multinational consumer goods company Procter & Gamble Co. will be appointing a new chief executive officer to succeed A.G. Lafley. According to Wall Street Journal, P&G Global Beauty, Grooming and Healthcare Division President David Taylor will be the company's next CEO.
Procter & Gamble outgoing CEO A.G. Lafley, who has held the position in two separate periods — once from 2000 to 2009 and most recently since 2013 — will remain as the company's chairman to help with the transition, CNBC noted.
The decision for management transition corresponds to the massive overhaul of the company, which is struggling with slow-moving sales due to shifting growth in developed markets, tough competition and a strengthening U.S. dollar, as per Business Insider.
Recently, the world's largest maker of household products has been struck by a stronger dollar's effect on sales abroad. Procter & Gamble also agreed to sell some of its beauty brand to Coty in a deal valued at about $12.5 billion. The company's process of selling off about 100 brands aims to focus on the 70 to 80 product lines, which are responsible for about 90 percent of the company's recent sales and 95 percent of its profit.
The company's approach marks the reduction of a company Lafley had aggressively established, including the beauty division, during his first term as CEO from 2000 to 2009, Fortune reported.
Meanwhile, David Taylor, who joined Procter & Gamble in 1980 as a production manager in Greensville, North Carolina, will have his work outlined for him if he will take the position of the next CEO. In January, his role was expanded from being the company's global beauty, grooming and healthcare division president to P&G's ailing beauty business.
While the announcement of the new CEO would allegedly come after Procter & Gamble's board meeting on Tuesday, a company spokesperson dismissed the report as pure speculation.
