Alan George “A.G.” Lafley has rejoined Procter & Gamble as President and Chief Executive Officer, effective immediately. He succeeds Robert A. “Bob” McDonald, who is retiring from the Company on June 30, 2013, after 33 years of service. McDonald was named ceo in 2009; he joined the company in 1980. The news took the beauty industry by surprise as the retirement of McDonald is being considered “abrupt”, and likely a response to the criticism he’s received for the company’s slow revenue growth and losing market share, particularly in beauty, to Unilever. However, P&G has experienced more than stable performance over the past year: P&G has delivered four straight quarters of stronger profits. Lafley has been trumpeted as the author of P&G’s vast beauty portfolio, which will likely become a main focus again as he rejoins the firm. P&G is in the midst of a turnaround, implemented by McDonald, to cut $10 billion in costs through 2016.