AG Lafley to retire as P&G Chairman

P&G Chairman AG Lafley will be succeeded by Bob McDonald as Chairman , P&G, effective January 1, 2010.

Lafley has exuded confidence in McDonald and his team, extolling the premium results exhibited in the July-September quarter and expecting the firm to hit on a high peak in the fiscal year culminating June 30th, 2010.

Mr. Lafley's departure is faster than expected but equals the time span that emerged with John Pepper being succeeded as CEO in 1991.

McDonald extols Lafley as one of the best chairmen the firm has seen and claims it a privilege to step in his predecessors shoes.