At struggling consumer products maker Procter & Gamble (PG), the old CEO is the new CEO.
The company announced on Thursday that it had tapped A.G. Lafley as its new head. If his name sounds familiar to P&G investors, that’s because Lafley was CEO of the household products giant from 2000 to 2009, the Associated Press noted.
Investors liked the news, sending P&G shares up almost 4% in Friday morning trading.
Lafley succeeds his own successor, Bob McDonald, who was named CEO in 2009. McDonald will step down on June 30.
Known for a “consumer is boss” emphasis on product development, Lafley will also become P&G’s president and chairman.
P&G has stumbled in recent years after expanding too quickly in some emerging markets. The company has moved to cut costs and focus on core products and the most profitable markets.
McDonald had faced growing investor discontent over P&G’s poor financial performance.