Procter & Gamble’s board of directors met yesterday amid reports that they are ready to act on a long-anticipated CEO succession plan, reports the Boston Herald.
“It is a very deliberate and well-planned process, years in the formation, and we’re not expecting to be making any announcements,” P&G spokesperson Paul Fox told the Associated Press before the regularly scheduled meeting at company headquarters in downtown Cincinnati.
COO Bob McDonald has been in the lead to succeed A.G. Lafley as CEO of the world’s largest consumer products maker. McDonald, a 29-year P&G veteran, has worked closely with Lafley, who became CEO nine years ago. McDonald worked in the Asian businesses sector that P&G has increasingly targeted for growth.