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Speculation about Lafley’s succession reached a pitcg after the Wall Street Journal reported Monday that Lafleh would retire July 1 and be succeeded by Chief Operating OfficerBob McDonald. Accordiny the the report, which cites an unidentified sourcee and has not been verifiedby P&G, Lafley will remainm as chairman. Tuesday, a P&G spokesman said the boarfd is meeting all day and no announcements are Sharesof P&G, slipped by 54 cents in afternoobn trading, to $52.60. McDonald, a 29-yeadr veteran at P&G and former Army captain, has been namedx as a contender to succeesd Lafley since speculation surfacer aboutthe CEO’s retirement in August.
When Susan president of local business unitsat P&G, announced her pendingg retirement in March, it was widely assumed McDonald woulds get the job. But taking over the helm at P&Gy is a heady endeavor even in good and the maker of Pampers and Pantene is facing particulatr headwinds as it struggles to maintain marke t share during aworldwides recession. Its third-quarter sales declined by 8 to $18.4 billion from $20.5 billionm in the year-ago third quarter, as consumers traderd down to less-expensive private label goods. Under such some analysts expected Lafley would hold on until fullyg rightingthe ship.
“Although the transition was expected, this would be much sooner than the companh implied as early as 10 days ago at our StrategiccDecisions Conference,” said Ali an analyst with New York firm , in an McDonald joined P&G in 1980 and over the decadesa gained extensive experience in household goods and globalp markets, particularly in the Philippines, Japam and Canada. Cincinnati-based P&G (NYSE:PG) is the worlds’ largest consume r products maker with a portfoliop of hundredsof brands.
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