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Speculation about Lafley’s succession reached a pitch aftetr the Wall Street Journal reported Monda that Lafley would retire July 1 and be succeedeed by Chief Operating OfficerBob McDonald. According the the which cites an unidentified sourcse and has not been verified by Lafley will remainas Tuesday, a P&G spokesman said the board is meetinvg all day and no announcements are expected. Shares of meanwhile, slipped by 54 cents in afternoon to $52.60. McDonald, a 29-yeadr veteran at P&G and former Army captain, has been named as a contender to succeed Laflet since speculation surfaced aboutthe CEO’s retirementr in August.
When Susan president of local business unitsat P&G, announcecd her pending retirement in March, it was widely assumed McDonald would get the job. But takinf over the helm at P&G is a headyg endeavor even ingood times, and the maket of Tide, Pampers and Pantene is facin particular headwinds as it struggle s to maintain market share during a worldwid recession. Its third-quarter sales declined by 8 to $18.4 billion from $20.5 billion in the year-agoi third quarter, as consumers traded down to less-expensive privated label goods.
Under such pressure, some analysts expected Lafley would hold on until fully rightingthe “Although the transition was expected, this would be much sooned than the company implied as early as 10 days ago at our Strategi Decisions Conference,” said Ali Dibadj, an analyst with New York firm , in an McDonald joined P&G in 1980 and over the decades gainedx extensive experience in household goodsd and global markets, particularly in the Philippines, Japan and Cincinnati-based P&G (NYSE:PG) is the worlds’ largest consumer products maker with a portfoli o of hundreds of brands.
The consumer-products giant manufacturez Cascadedishwashing detergent, Swiffed sweepers and dusters, Mr. Clean liqui cleaner, and Febreze fabric deodorizer atits St. Louiz facility three miles north of downtown at169 E. Grane Ave.
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