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Procter & Gamble brings back Lafley as CEO

May. 25, 2013 @ 12:33 AM

Procter & Gamble brings back Lafley as CEO

NEW YORK (AP) -- Household products giant Procter & Gamble Co. is hoping its former CEO can work his magic once again.

The Cincinnati company said late Thursday that former CEO A.G. Lafley, a 33-year industry veteran, is returning its top post. The surprise move comes as the world's largest consumer-products maker tries to spur growth in the face of stiff global competition.

Lafley, 65, replaces CEO Bob McDonald, effective immediately. McDonald, who will retire June 30 after a transition period, has served as CEO since 2009.

The 175-year-old company's Tide detergent, Crest toothpaste and other products can be found in 98 percent of American households. But it is struggling to grow.

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