McDonald will retain his position as chief executive, and will add chairman of the board duties to his role, effective from 1 January. He succeeds from Lafley, who will retire from the company in 25 February after 9 years in the top position.
In a statement, the FMCG giant praised Lafley for helping to “refocus P&G on consumer-driven innovation and consistent, reliable sustainable growth” since he was appointed as president and chief executive in June 2000. McDonald succeeded him as chief executive officer on 1 July this year.
Lafley says: “I am retiring with confidence in Bob McDonald and his team. Our strategies and plans are working. P&G is innovating across the business, investing in near-and longer-term growth, and maintaining rigorous cash and cost discipline. This is the right time to complete our management transition.”
Last month, Marketing Week’s secret marketer reflected on the changes that Lafley had introduced to FMCG marketing, but questioned if he deserved to have won the “greatest contributor to marketing” award a t this year’s The Marketing Society 5oth anniversary party.