P&G Board Meets Amid CEO Reports

Procter and Gamble
Procter and Gamble

The Procter & Gamble board is meeting after published reports that it's ready to act on a long-anticipated CEO succession plan.

However, a company spokesman said no announcement was planned as the directors gathered Tuesday morning at P&G's Cincinnati headquarters.

Chief operating officer Bob McDonald has been the front-runner to succeed A.G. Lafley as chief executive officer of the world's largest consumer products maker, with Lafley considered likely to stay on as chairman. The Wall Street Journal reported Monday that the board was expected to approve the change Tuesday.

Shares of Procter & Gamble , which makes Gillette shavers, Tide detergent and Pantene shampoo fell on Tuesday.