Procter & Gamble Co. Chief Executive Officer David Taylor will add the title of chairman next month, succeeding longtime company leader A.G. Lafley.

The change is effective July 1, the Cincinnati-based company said Wednesday in a statement.

Lafley stepped down in November from the CEO job, marking his second stint at the helm of the consumer-products giant. After returning to the company in 2013, Lafley took dramatic steps to revive P&G, including shedding 100 brands and selling off pet food, battery and beauty businesses.

The shares rose 0.9 percent to $81.79 on Wednesday in New York, before the change was announced. P&G has gained 3 percent this year.

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