A.G. Lafley Rejoins Procter & Gamble as Chairman, President and Chief Executive Officer

  A.G. Lafley Rejoins Procter & Gamble as Chairman, President and Chief
  Executive Officer

             Bob McDonald Retires from the Company after 33 Years

Business Wire

CINCINNATI -- May 23, 2013

Procter & Gamble (NYSE:PG) announced today that Alan George "A.G." Lafley has
rejoined the Company as President and Chief Executive Officer, effective
immediately. He has also been elected to the Board of Directors and will serve
as its Chairman. Mr. Lafley joined Procter & Gamble in 1977 and served as
President and Chief Executive Officer 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.

Robert A. McDonald (Photo: Business Wire)

Robert A. McDonald (Photo: Business Wire)

Jim McNerney, presiding director of P&G’s Board, said, "A.G.’s track record
and his depth of experience at P&G make him uniquely qualified to lead the
Company forward at this important time. 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.”

Mr. McNerney added, “We thank Bob for his service and note the Company’s
improving business performance. 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.”

Mr. Lafley said, “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.”

Mr. McDonald joined the Company in 1980 and served as President and Chief
Executive Officer from 2009 to 2013. Mr. McDonald said, “It has been a
privilege to work with the people of Procter & Gamble to serve consumers
around the world. I’m proud of what we have accomplished together, and I am
confident in the Company’s future.”

The Company confirmed its fiscal year and fourth quarter guidance, as stated
in the recent third quarter earnings release.

Forward-Looking Statements

Certain statements in this release or presentation, other than purely
historical information, including estimates, projections, statements relating
to our business plans, objectives, and expected operating results, and the
assumptions upon which those statements are based, are “forward-looking
statements” within the meaning of the Private Securities Litigation Reform Act
of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the
Securities Exchange Act of 1934. These forward-looking statements generally
are identified by the words “believe,” “project,” “anticipate,” “estimate,”
“intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,”
“will,” “would,” “will be,” “will continue,” “will likely result,” and similar
expressions. Forward-looking statements are based on current expectations and
assumptions that are subject to risks and uncertainties which may cause
results to differ materially from the forward-looking statements. We undertake
no obligation to update or revise publicly any forward-looking statements,
whether because of new information, future events or otherwise.

Risks and uncertainties to which our forward-looking statements are subject
include: (1) the ability to achieve business plans, including growing existing
sales and volume profitably and maintaining and improving margins and market
share, despite high levels of competitive activity, an increasingly volatile
economic environment, lower than expected market growth rates, especially with
respect to the product categories and geographical markets (including
developing markets) in which the Company has chosen to focus, and/or
increasing competition from mid- and lower tier value products in both
developed and developing markets; (2) the ability to successfully manage
ongoing acquisition, divestiture and joint venture activities to achieve the
cost and growth synergies in accordance with the stated goals of these
transactions without impacting the delivery of base business objectives; (3)
the ability to successfully manage ongoing organizational changes and achieve
productivity improvements designed to support our growth strategies, while
successfully identifying, developing and retaining particularly key employees,
especially in key growth markets where the availability of skilled or
experienced employees may be limited; (4) the ability to manage and maintain
key customer relationships; (5) the ability to maintain key manufacturing and
supply sources (including sole supplier and plant manufacturing sources); (6)
the ability to successfully manage regulatory, tax and legal requirements and
matters (including, but not limited to, product liability, patent,
intellectual property, price controls, import restrictions, environmental and
tax policy), and to resolve pending matters within current estimates; (7) the
ability to resolve the pending competition law inquiries in Europe within
current estimates; (8) the ability to successfully implement, achieve and
sustain cost improvement plans and efficiencies in manufacturing and overhead
areas, including the Company's outsourcing projects; (9) the ability to
successfully manage volatility in foreign exchange rates, as well as our debt
and currency exposure (especially in certain countries with currency exchange,
import authorization or pricing controls, such as Venezuela, China, India and
Argentina); (10) the ability to maintain our current credit rating and to
manage fluctuations in interest rate, increases in pension and healthcare
expense, and any significant credit or liquidity issues; (11) the ability to
manage continued global political and/or economic uncertainty and disruptions,
especially in the Company's significant geographical markets, due to a wide
variety of factors, including but not limited to, terrorist and other hostile
activities, natural disasters and/or disruptions to credit markets, resulting
from a global, regional or national credit crisis; (12) the ability to
successfully manage competitive factors, including prices, promotional
incentives and trade terms for products; (13) the ability to obtain patents
and respond to technological advances attained by competitors and patents
granted to competitors; (14) the ability to successfully manage increases in
the prices of commodities, raw materials and energy, including the ability to
offset these increases through pricing actions; (15) the ability to develop
effective sales, advertising and marketing programs; (16) the ability to stay
on the leading edge of innovation, maintain the positive reputation of our
brands and ensure trademark protection; and (17) the ability to rely on and
maintain key information technology systems and networks (including Company
and third-party systems and networks), the security over such systems and
networks, and the data contained therein. For additional information
concerning factors that could cause actual results to materially differ from
those projected herein, please refer to our most recent 10-K, 10-Q and 8-K

About Procter & Gamble

P&G serves approximately 4.6 billion people around the world with its brands.
The Company has one of the strongest portfolios of trusted, quality,
leadership brands, including Pampers®, Tide®, Ariel®, Always®, Whisper®,
Pantene®, Mach3®, Bounty®, Dawn®, Fairy®,Gain®, Charmin®, Downy®, Lenor®,
Iams®, Crest®, Oral-B®, Duracell®, Olay®, Head & Shoulders®, Wella®,
Gillette®, Braun®, Fusion®, Ace®, Febreze®, Ambi Pur®, SK-II®, and Vicks®. The
P&G community includes operations in approximately 75 countries worldwide.
Please visit http://www.pg.com for the latest news and in-depth information
about P&G and its brands.

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P&G Media Contact:
Paul Fox, 513-884-2592
P&G Investor Relations Contact:
John Chevalier, 513-983-9974
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