Proctor & Gamble Co. is set to announce David Taylor, a company veteran, to be the next CEO, according to a report from the Wall Street Journal.
The announcement, which is still pending a P&G board meeting, will come as early as Thursday, said a person familiar with the matter, according to the Wall Street Journal.
Taylor, who has been working in P&Gfor 35 years, has emerged as the heir apparent, after the company named him the leader of the beauty, grooming and healthcare business.
Together, the unit is responsible for almost half of the company's $83 billion annual sales, according to the Wall Street Journal.
Taylor will be tasked to provide a meaningful growth in P&G's sales.
Reuters adds that irregular growth in developed markets, tough competition and a rising U.S. dollar are the factors that contribute to the company's unimpressive sales.
Taylor will be succeeding A.G. Lafley, who will remain as chairman to help with the transition.
Lafley, 68, is already serving his second stint as CEO of P&G.
A separate report from the Wall Street Journal, mentions that Lafley was bought back two years ago to pull the company out of a "protracted slump."
Lafley concentrated on cutting costs and focusing on fast-growing brands like Tide, Gillette and Olay beauty creams. The company had announced earlier this month, a deal to sell 43 beauty brands to Coty Inc.
Paul Fox, a spokesperson for P&G, told the Wall Street Journal that Lafley "has been very focused on eliminating the barriers to growth" in his second term. He also adds that the different environment of the business and the macroeconomics made Lafley focus on specific issues.
Lafley first served as P&G's CEO from 2000-2009.
Reuters reports that the company's shares closed down 0.4 percent at $79.97 on the New York Stock Exchange on Monday.
