Procter and Gamble names new chief executive officer

Procter and Gamble has announced that AG Lafley has rejoined the company in the position of president and chief executive officer (CEO) with immediate effect.

Mr Lafley originally occupied this role from 2000 to 2009 and is resuming control of the company from his one-time successor Bob McDonald, who will be retiring from Procter and Gamble on June 30th 2013.

The new CEO's association with the organisation dates back to 1977, meaning he brings a significant depth of experience and a proven track record to the role.

He is expected to help the firm further improve its results, enhance productivity and facilitate an ongoing succession process, building on the work done by Mr McDonald over the last four years.

"I am confident that we will deliver strong innovation, productivity and growth to win with consumers, customers and shareholders," said Mr Lafley.

During the January to March fiscal quarter for 2013, Procter and Gamble generated a net sales total of $20.6 billion (13.68 billion pounds), up by two percent year-on-year.