Procter & Gamble has appointed CEO and president Shailesh Jejurikar as the new chairman of the board.
He replaces the retiring Jon Moeller who will leave the company on 14 August.
Jejurikar became president and CEO in July last year when he also took over from Moeller.
The P&G lifer joined the consumer goods giant in 1989 and has been a member of the global leadership team since 2014, holding various roles across categories, sectors and regions.
He has helped build several of P&G’s core businesses, including global fabric care and home care. He has also led the development of the company’s strategies across supply chain, IT, and global business services.
In a short statement, Jejurika thanked Moeller for “his many years of tireless and steady leadership at P&G” across 38 years at the company.
“Jon’s strategic vision has been instrumental in shaping the company P&G is today, and we have benefited from his unwavering courage and his profound care for this institution and its people.”
The announcement came alongside P&G’s quarterly results, which disappointed investors and triggered a 3% fall in its share price.
The group’s fourth-quarter net sales hit $21.2bn, just short of the $21.4bn expected by analysts.
While net sales were up 2% compared to last year, organic sales — which strip out currency moves, acquisitions, and divestitures — were unchanged for the quarter, with volume having no effect.
Health care posted the steepest fall with volumes down 3%. Baby, feminine, and family care all saw volumes decline 1%.
Beauty was the stand-out performer with brands such as Pantene and Olay seeing volumes up 3% in the quarter and driving an organic sales boost of 4%.
Fabric and home care was the only other division to post growth as brands such as Tide and Swiffer delivered a 1% volume rise.
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