He oversees P&G’s media agency roster which consists of Starcom, MediaCom and ZenithOptimedia. Billings are estimated to be £176m according to Nielsen data.
Balderston will be replaced by media team colleague Mary McGovern.
The FMCG giant owns brands including Clairol, Gillette, Oral B, Pantene and Tampax.
Balderston first joined the company in 1968. He will retire from his role at the end of the month.
He also sits on the executive team of British advertising body ISBA.
Last month, P&G vice president of global media and communication Bernhard Glock announced he was leaving the company as part of a global restructure of marketing roles.
He will depart 30 September and in the interim take on a special project.
His role overseeing the FMCG multinational’s estimated $8bn global media budget will be split between the manager of global marketing purchases Stewart Atkinson and P&G’s former shopper-marketing head, Dina Howell.