Private equity investment firm Clayton, Dubilier & Rice LLC announced Wednesday that former Chairman, President and Chief Executive Officer of Procter & Gamble Co. (PG) A.G. Lafley has joined the firm, assuming the role of an operating partner. Lafley retired from P&G after a 32-year career with the company.
In a statement, president and chief executive officer of the firm, Donald Gogel said, "A.G. has proven to be one of the most effective corporate leaders of the 21st century, and we are very pleased to welcome him to CD&R. His experience building strong business operations, promoting innovation, and spurring growth across global markets enhances our value creation capabilities."
Lafley stepped down as chairman of the Procter & Gamble board on January 1, 2010, and retired from the company on February 25, 2010. Lafley, who joined P&G in June 1977 in marketing, was elected as the chairman of the board of directors in July 2002 after being appointed to the board in 2000. He also has served as the president and chief executive officer from June 2000 through mid 2009.
Since Lafley's election as chief executive officer in 2000, he has put P&G back on track to deliver its long-term goals by focusing on top brands, countries and customers, superior consumer value, and improved cost and cash management. Lafley also revitalized P&G's business, orchestrating a $57 billion acquisition of Gillette Co. and more than doubling sales to $83.5 billion in the fiscal year ended June 2008.
During his tenure at P&G, Lafley held a variety of positions in its laundry and cleaning business before being named group vice president in 1992. Lafley was then named executive vice president with responsibility for Asia in 1995, and president of P&G's global Beauty Care business and the North America market development organization in 1999. Before joining P&G, Lafley served in the U.S. Navy for five years.
Lafley is also on the Board of Directors of General Electric Co. (GE) and has served as a director at General Motors Corp. and Dell, Inc. (DELL) during the last five years.
"Private equity can be a powerful agent of constructive change and corporate renewal. CD&R's successful history of building long-term value by improving the operational performance of its portfolio businesses exemplifies the positive role that private equity can play in the economy and is what attracted me to the firm," Lafley stated.
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