CINCINNATI (AP) - Procter & Gamble says it is replacing CEO Bob McDonald with former CEO A.G. Lafley, effective immediately. Lafley, 65, served as CEO at the world's largest consumer goods maker from 2000 to 2009. He will also take the chairman title. McDonald, who has worked for P&G for 33 years, and became CEO after Lafley retired, will retire on June 30.
Under McDonald, Cincinnati-based P&G, which makes products ranging from Tide detergent to Swiffer sweepers, had some stumbles. Those included pricing missteps and expanding too rapidly in some emerging markets, leading to lower revenue growth than shareholders expected. In P&G's most recent quarter, net income rose 6 percent as the company cut costs, but fourth-quarter guidance was below expectations. Shares edged up 41 cents in aftermarket trading to $79.11.