Hedge Funds

Ex-P&G Chief Joins Private Equity Firm


The former CEO of Procter & Gamble has landed a new job with a private equity firm.

Clayton, Dubilier & Rice said A.G. Lafley has joined as a special partner, less than two months after retiring from the Cincinnati-based consumer products company after more than 32 years. The investment firm is based in New York and London.

Lafley, 62, stepped aside as CEO after nine years last July 1, then stayed on as chairman until Jan. 1 when his successor as CEO, Bob McDonald, assumed the chairmanship at the maker of Pampers diapers and Tide detergent. P&G topped Wall Street expectations in the first two quarters withMcDonald, a P&G employee since 1980, as CEO.

Lafley's P&G was known for emphasizing innovation and a "consumer is boss" focus, and for the blockbuster $57 billion acquisition of the Gillette in 2005. P&G also built up its businesses in developing markets such as China, Russia and India.

Clayton, Dubilier & Rice CEO Donald J. Gogel, in a written statement praised Lafley's "experience building strong business operations, promoting innovation, and spurring growth across global markets."