Procter & Gamble names Jon Moeller as new CEO, will replace current chief David Taylor in November

Moeller, a Cornell University graduate, has been working at the consumer goods giant ever since 1988 when he was hired to be a cost analyst in P&G's food product division.Moeller, 57, is currently vice chairman of P&G. He will be taking over as CEO. Taylor has another title.Procter & Gamble announced Thursday that Jon Moeller, its current chief operating officer, will be its CEO starting in November. He will replace David Taylor who will serve as its executive chairman.Moeller stated that he was honored to be P&G's chief executive officer. My confidence in P&G employees is what gives me hope for the future. They are driven to win and committed to leading.James McNerney is the lead director of P&G’s board. He said in a statement that Jon has been an integral part P&G’s leadership team for well-over two decades. He helped develop strategies that P&G employees are executing with excellence in order to drive P&G’s growth and value generation."He is an exceptional leader and the Company will reap the benefits of his continued leadership to continue building on the momentum he helped create over the past few years."Taylor, 62 years old, was appointed CEO on Nov. 1, 2015. He replaced A.G. Lafley who became P&G's executive chair. Taylor will be retiring as CEO this November.In 2017, Nelson Peltz, an investor, challenged his tenure as CEO. P&G appointed him later that year as a director after he defeated a Peltz attempt to gain a seat on the board. This was despite his having won a large share of shareholder votes.McNerney stated, "We thank David For His Strategic Leadership and Guidance over the Last Six Years as the Company has returned consistently balanced growth and value Creation.""A solid plan is in place for sustained success and the Board unanimously agrees with Jon that it is time to transition to Jon's role as CEO. McNerney stated that we are grateful and fortunate to have David as our Executive Chairman."P&G announced Thursday that Shailesh Jjurikar, the chief operating officer of P&G, was elected effective October 1.Jejurikar is currently the CEO of the fabric and home care section, P&G’s largest business unit.P&G will report its fiscal second quarter results Friday morning. Its stock has risen less than 1% since the beginning of the year. This puts its market value at $341.48 million.