Procter & Gamble names new chairman

CINCINNATI Procter & Gamble announced that Robert McDonald, currently president and CEO, has been elected chairman of the board. He will replace A.G. Lafley, who is stepping down as chairman on Jan. 1, 2010.

"The board is confident that now is the right time for Bob McDonald to serve as both chairman and chief executive officer," said Jim McNerney, presiding director of P&G's Board. "We are also grateful for the extraordinary leadership and commitment that A.G. has provided for the past nine years as CEO and also for the invaluable contribution he's made during this management succession, which has been nothing short of exemplary."