News Summary: P&G brings back Lafley in top role

News Summary: Procter & Gamble replaces CEO Bob McDonald with former CEO A.G. Lafley

Associated Press

HE'S BACK: Procter & Gamble is bringing back former CEO A.G. Lafley, a 33-year industry veteran, to its top post in a surprise move as the world's largest consumer products maker tries to improve its results globally.

GROWTH STRUGGLES: Lafley, 65, replaces CEO Bob McDonald, who has served in the post since 2009. The change at the helm comes as the 175-year-old company whose Tide detergent, Crest toothpaste and other products that can be found in 98 percent of American households, struggles to grow under increased competition and global economic challenges.

A CALLING: "Frankly, duty called," Lafley said in an interview with The Associated Press.

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