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Leadership Shakeup at Procter & Gamble

Mike Simons/Getty Images(CINCINNATI) -- Procter & Gamble says its former chief executive A.G. Lafley is returning to his old job, replacing CEO Bob McDonald, effective immediately.

The change comes after investor complaints about P&G, and calls for an overhaul on how it markets new products in the U.S. and overseas.

"A.G.’s track record and his depth of experience at P&G make him uniquely qualified to lead the Company forward at this important time,” said Jim McNerney, director of P&G’s board. “The Board expects A.G. to further improve results, implement the current productivity plan, and facilitate an ongoing succession process. The Board is confident that he will continue improving P&G’s performance.”

McDonald is leaving the company after 33 years.

“We thank Bob for his service and note the Company’s improving business performance,” McNerney said.

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