Procter and Gamble announce director retirement

Procter & Gamble (P&G) has announced that Joseph T Gorman is to retire from the company’s board of directors at a meeting of the company’s directors in October 2007, in line with the firm’s customary retirement age.

Mr Gorman will be 70 years of age on October 1st 2007.

Appointed to the board in 1993, Mr Gorman is the retired chairman and chief executive of automotive, aerospace and information systems firm TRW and is the present chairman and chief executive officer of venture capital company Moxahela Enterprises.

Other positions held by Mr Gorman include director of Alcoa, Imperial Chemical Industries, Tonsburg Magnesium and Vector Intersect Security Acquisition.

A G Lafley, chairman of the board and chief executive officer at the company, said: “Joe Gorman has served P&G’s board with distinction for more than 14 years.

“Among his many contributions, he has served as chair of the finance committee and a member of the compensation and leadership development committee.”

He added that the firm has benefited from Mr Gorman’s experience and advice, with the firm wishing him continued success in his efforts after retirement.

In May 2007, Procter & Gamble Pharmaceuticals presented its connect and develop business model to the 2007 international convention of the Biotechnology Industry Organisation.