The Procter & Gamble Company board of directors announced that A.G. Lafley, chairman of the board and CEO, will move full-time into his role as chairman, effective July 1, 2009. Therefore, Robert A. McDonald, currently COO, has been elected president and chief executive, effective July 1, 2009. McDonald has also been appointed a member of P&G's board of directors.
Since becoming president and CEO in June 2000, Lafley has refocused P&G on consumer-driven innovation and consistent, reliable sustainable growth. The company has more than doubled sales since the beginning of the decade, and has grown its portfolio of billion-dollar brands (brands that generate at least $1 billion in annual sales) from 10 to 23. On average, organic sales have grown 5%, core earnings-per-share have grown 12%, and free cash flow productivity has increased 111% since 2001. The company's market capitalization has increased dramatically, according to a statement, making P&G one of the five most valuable companies in the U.S. and among the 10 most valuable companies in the world.
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