P&G chief AG Lafley returning

Incoming Procter & Gamble boss AG Lafley yesterday said that a sense of “duty” had persuaded him to return to his former job at the consumer goods giant.

P&G said yesterday that Bob McDonald would leave in the midst of a major restructuring demanded by investors. Mr Lafley is taking on the roles of chairman, president and chief executive. Mr McDonald is to retire on June 30 after 33 years at P&G. Mr McDonald had been Mr Lafley’s hand-picked successor.

Mr Lafley, who will be 66 next month, said: “Bob retired, the board called me and I felt like duty called. I’m back to help maintain the business momentum and keep this productivity programme going.”

Shareholders are pushing for faster improvements from the maker of Tide detergent and Gillette razors.