Embattled P&G CEO Out, Replaced by Predecessor

Struggling CPG giant looks to A.G. Lafley for salvation

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Taking a page from the JCPenney playbook, Procter & Gamble is turning to its former CEO to help save a consumer products giant beset by agitated investors and an R&D pipeline that has fizzled in recent years, according to Businessweek.

A.G. Lafley is returning to run the world's largest household products maker, replacing Bob McDonald in the midst of a major restructuring. Lafley is taking on the roles of chairman, president and CEO, effective immediately, while McDonald is set to retire on June 30 after 33 years at P&G, Reuters reported.

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