P&G: David Taylor to replace A.G. Lafley as CEO

Procter & Gamble Co veteran David Taylor will replace A.G. Lafley as chief executive in a widely expected move that coincides with a massive overhaul at the world's largest household products maker.

Taylor's appointment is effective Nov. 1, and on the same day Lafley will become executive chairman of the board, P&G said in a statement.

P&G has been struggling with sluggish sales due to "choppy" growth in developed markets, tough competition and a strong dollar.

To rejuvenate growth, P&G has been streamlining its business and earlier this month said it would sell more than 40 brands to perfume maker Coty Inc for $12.5 billion to narrow its focus on fewer, faster-growing brands such as Tide and Gillette.

Taylor joined P&G in 1980 and has been the group president of the company's global health & grooming business since 2013. In January his role was expanded to include P&G's ailing beauty business.

Lafley, who returned to take over as CEO of the consumer goods giant in 2013 after having led the company from 2000-2009, is expected to remain as chairman, the Journal reported.

The appointment was first reported by the Wall Street journal on Monday.

The company's shares closed up 0.3 percent at $80.23 on the New York Stock Exchange on Tuesday.