Procter & Gamble announced that Alan George “A.G.” Lafley has rejoined the company as president and chief executive effective immediately. He has also been elected to the board of directors and will serve as its chairman. Lafley joined Procter & Gamble in 1977 and served as president and CEO from 2000 to 2009. He succeeds Robert A. “Bob” McDonald, who is retiring from the company on June 30, 2013, after 33 years of service.

“A.G.’s track record and his depth of experience at P&G makes him uniquely qualified to lead the company forward at this important time,” says Jim McNerney, presiding director of P&G’s board. “The board expects A.G. to further improve results, implement the current productivity plan, and facilitate an ongoing succession process. The board is confident that he will continue improving P&G’s performance.

“We thank Bob for his service and note the company’s improving business performance,” McNerney says. “Under his leadership, the company expanded its business in developing markets, built a strong innovation pipeline, and has made substantial progress implementing a $10 billion cost savings and productivity program.”

Lafley says, “I wish Bob well, and thank him for his service to P&G. I am looking forward to working with P&G’s outstanding leadership team to continue to improve the company’s performance. I am confident that we will deliver strong innovation, productivity and growth to win with consumers, customers and shareholders.”

McDonald joined the company in 1980 and served as president and CEO from 2009 to 2013.

“It has been a privilege to work with the people of Procter & Gamble to serve consumers around the world,” says McDonald. “I’m proud of what we have accomplished together, and I am confident in the company’s future.”