P&G board meets amid reports on CEO succession; no announcement set

P&G board meets amid CEO reports

CINCINNATI — The Procter & Gamble Co.’s board of directors met Tuesday amid a report that they are ready to act on a long-anticipated CEO succession plan, but a company spokesman said the report remained speculative.

“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 spokesman Paul Fox told The Associated Press before the regularly scheduled meeting at company headquarters in downtown Cincinnati.

Chief operating officer Bob McDonald has been the front-runner to succeed A.G. Lafley as chief executive officer of the world’s largest consumer products maker, with Lafley considered likely to stay on as chairman. The Wall Street Journal reported Monday that the board was expected to approve the change Tuesday.

McDonald, a 29-year P&G veteran, has worked closely with Lafley, who became CEO nine years ago this week and turns 62 Saturday.

Shares of the company that makes Gillette shavers, Tide detergent and Pantene shampoo fell 70 cents, or 1.3 percent, to $52.44 in early afternoon trading.

The maker of Tide detergent, Pampers diapers and Gillette shavers on May 28 forecast that earnings and sales growth will fall below the company’s usual targets for this year and next.

McDonald, 55, is a veteran of the Asian businesses that P&G has increasingly targeted for growth.

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