Procter & Gamble has named company insider David Taylor as president and chief executive effective Nov. 1.
The executive, who heads P&G's global beauty, grooming and health care division, succeeds A.G. Lafley, who will stay on with the Cincinnati company as executive chairman.
Procter & Gamble said Tuesday that Taylor will also join the board of directors. Taylor started with P&G in 1980 and has helped build many of the company's core businesses and led global businesses.
It marks a major shift in leadership as Lafley served as CEO from 2000 to 2009 and returned from retirement to serve as CEO again in 2013. The company said that Lafley has played a key role in P&G's success over the years.
The consumer goods company, which makes items ranging from Head & Shoulders shampoo to Pampers, will report its quarterly earnings Thursday morning.
Shares of Procter & Gamble Co. rose 26 cents to close at $80.23 Tuesday, up 4 percent in the past 12 months.