Procter and Gamble appoints new chief executive officer

Procter and Gamble has announced the appointment of David Taylor as its new chief executive officer, effective as of November 1st 2015.

Mr Taylor is the current group president of global beauty, grooming and healthcare for the company, and has been with the firm since 1980. His appointment also sees him join the board of directors.

He has been credited with helping to build many of Procter and Gamble's core businesses, including baby care, family care, hair care and home care, working closely with the outgoing chief executive AG Lafley on various initiatives.

Jim McNerney, lead director of the company's board, said: "The board is confident that David will lead Procter and Gamble to execute the company's strategies to win with consumers and improve shareholder value."

After leaving the chief executive role, Mr Lafley will become Procter and Gamble's executive chairman on November 1st, leading the board of directors and providing advice and counsel to his successor on strategy, portfolio choices and organisation decisions.

He led the company from 2000 to 2009 before retiring, but was convinced to return to the role in 2013.