CINCINNATI: Susan Arnold, the president of global business units at Procter & Gamble, is to retire from the company after 29 years, and will not be replaced, as part of the company's broader plan of "reducing a layer of management" and simplifying its operations.
Arnold's previous positions include that of global president for skincare brands, and she had been seen by some observers as a possible successor to the company's current ceo, A G Lafley.
She is also on the board of McDonald's, the restaurant chain, and Walt Disney, the entertainment and media company, and will remain at P&G until September on "special assignment".
Procter & Gamble's share price has dipped nearly 30% over the last year to a year-long low of $43.93 (€34.45; £31.73) earlier this week, with investors said to be concerned about slowing sales of premium-priced items such as Olay and Pampers.
The company also saw its earnings fall by 7% to $3 billion in the last quarter, the first such decline it has experienced since 2001.
Data sourced from Wall Street Journal; additional content by WARC staff