Procter and Gamble appoints new member of board

Procter and Gamble has announced the appointment of Terry Lundgren – the chairman, president and chief executive officer (CEO) of Macy's – to its board of directors.

Mr Lundgren will serve on the governance and public responsibility and the innovation and technology committees of the board, allowing the firm to benefit from his experience in leading one of the largest retail chains in the US.

He won the prestigious Gold Medal Award from the National Retail Federation in 2008 and is widely respected for his industry expertise.

This comes after it was announced that Johnathan Rodgers, a director at Procter and Gamble since 2001, has decided not to seek re-election at the firm's annual shareholder meeting in October 2013 and will instead retire.

Bob McDonald, chairman, president and CEO of Procter and Gamble, said: "He brings extensive leadership, strategy and risk management experience, as well as exceptional knowledge of the consumer industry and dynamic marketing practices."

This week, the company also declared a quarterly dividend of $0.562 (0.349 pounds) per share, meaning it has now increased its dividend for 56 consecutive years.