Procter & Gamble Names New CEO

Top American manufacturer Procter & Gamble promoted its beauty branch leader, David Taylor, to head the company as CEO, the company announced.

Taylor will replace current CEO A.G. Lafley, 68, according to media reports Tuesday.

Taylor, 57, is a 35-year veteran of P&G where he has held several senior management positions.

P&G, whose flagship products include Pampers diapers and Gillette Razors, is reducing its product lines, selling off some to competitors.

The group publishes its second-quarter results Thursday. Its net profit recently fell by 17 percent to $2.2 billion.