Procter & Gamble Co. said on Tuesday that Chairman A.G. Lafley would retire in early 2010 and that Chief Executive Bob McDonald would become chairman of the world's top household products maker on Jan. 1.
Lafley, 62, turned the CEO post over to McDonald, 56, in July.
Lafley will fully retire as of Feb. 25, 2010, P&G said.
Lafley said P&G expects "sequential improvement" over the balance of the fiscal year. In the first quarter, which ended in September, P&G blew past profit forecasts as sales started to rebound despite the weakness in the economy.
"I am retiring with confidence in Bob McDonald and his team," Lafley said in a statement.
Shares of P&G, whose pantry of products includes Tide laundry detergent and Gillette razors, slipped 0.3% to $62.30 U.S. in very light pre-market trading.
