CINCINNATI (AP) -- Procter & Gamble Co.'s boss abruptly announced today he is stepping down from the company, which has been dogged by disappointing earnings. Its stock price fell.
Durk Jager, who holds the three top jobs at the consumer products giant, said he would retire effective July 1 after 30 years with the company.
Moving quickly to fill the gap, the maker of well-known brands like Tide detergent and Crest toothpaste named Alan G. Lafley, 52, president of its divisions for global beauty care and North America, as president and chief executive.
John E. Pepper, 61, who headed P&G before Jager became chief executive in January 1999 and has been heading its board's executive committee, was named chairman, the third post held by Jager.
The Cincinnati-based company sells about 300 product brands in more than 140 countries. It employs about 110,000 people worldwide.
In morning trading on the New York Stock Exchange, P&G shares skidded 7.5 percent, or $4.75 a share, to $58.125. That is well below its past-year high of $118.37.
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