P&G Executive Lafley (Photo : Youtube)
Procter & Gamble Co. has announced that David Taylor will replace A. G. Lafley as its chief executive officer. Taylor will take over Lafley's position effective on Nov. 1. On the other hand, Lafley will become the company's executive chairman of the board as he steps down.
According to Reuters, huge move from the company is in line with its massive company overhaul. The company according to the site is streamlining its business to rejuvenate its growth.
According to The Wall Street Journal, this is the second time in six years that the company's directors replaced A.G. Lafley as their Chief Executive. The site also added that the company has gone through three CEOs in 15 years.
Taylor is said to be the company's safest pick as he is associated with records of expansions of P&G brands and he is popular in overseeing low performing businesses. He managed to accelerate the expansion of Febreze in 2011 generating a billion dollar output in sales.
Currently, Taylor is overseeing P&G's beauty brands and he is involved in a successful $13 billion deal involving beauty brands. The analysts expect him to stay as the company's executive for at least a year or two.
Hoping for a better management transition, P&G is aware of its history of poor management transition. According the company's spokesman, Paul Fox, the company is famous for producing competitive leaders. He also added that although some of its talented human resource left the company, the company still is full of skilled leaders.
