On Tuesday, Procter & Gamble confirmed earlier reports that it will appoint David Taylor as its next chief executive officer to succeed A.G. Lafley effective Nov.1. The news was first reported by The Wall Street Journal on Monday, citing a source familiar with the matter. (Tweet This)
Taylor will transition from president of the company's global beauty, grooming and health-care division.
"David has a broad array of experience around the world, across our businesses and he delivers consistently," Lafley told CNBC on Tuesday.
Shares of P&G were down slightly in extended-hours trading after the announcement.
Taylor has been with the company since 1980. Most recently he has worked closely with Lafley on strengthening P&G's brand portfolio.
"I am honored to serve as P&G's CEO," Taylor said in a release. "I believe in the power of P&G people, brands, products and values. P&G is transforming to be a faster-growing, more profitable company. I am committed to the strategies, and look forward to leading the people of P&G to win with consumers, drive growth and create shareholder value."