After some major media buzz, Procter & Gamble Company (P&G) has announced its appointment of Robert McDonald as its next chief executive officer (CEO), taking over for A.G. Lafley, according to news reports.

Mr. McDonald is a 29-year veteran of the company. He joined the company in 1980 and become chief operating officer (COO) in July 2007. He is credited with trimming costs throughout P&G’s operations.

Mr. Lafley will remain chairman at P&G. He has been chairman since 2002 and CEO since 2000.