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P&G board member Rodgers to retire, Lundgren added

CINCINNATI (AP) -- The Procter & Gamble Co. said Tuesday that current board member Johnathan Rodgers has decided not to seek re-election at the consumer products maker's annual shareholders meeting in October, when he will retire from the board.

P&G also announced the immediate appointment of a new board member, Terry Lundgren, the chairman, president and CEO of retailer Macy's Inc.

Rodgers, 66, has been a director at Cincinnati-based P&G since 2001. He is a former broadcast and cable television executive.

Lundgren, 60, has been chairman, president and CEO of Macy's since 2004. The department store chain operates 840 retail sites across the U.S. It was acquired by Federated Department Stores in 1994, and Federated assumed the Macy's name in 2007.

Separately P&G on Tuesday declared a quarterly dividend of 56.2 cents per common share and on certain preferred shares, the same amount that the company has paid in the past three quarters. The dividend is payable on or after Feb. 15 to shareholders of record as of Jan. 18.

Procter & Gamble makes Tide laundry detergent, Crest toothpaste, Pampers diapers, and other products.

Procter & Gamble shares fell 11 cents to close at $68.51.