David Taylor is Procter & Gamble's new CEO

Ending the long wait, Procter & Gamble Co's (P&G) senior official David Taylor is set to become the new Chief Executive Officer (CEO) replacing A.G. Lafley. The new appointment is expected to be announced on Thursday. 

Lafley served the company as CEO for two years and it was his second stint in the position. Lafley is expected to remain as chairman easing the leadership transition and helping the company. 

The 56-year old Taylor will have responsibility to lead the world's largest consumer products company and get it out of the deep and prolonged slump.  

Procter & Gamble is facing tough competition in the market and the challenge of a stronger US dollar as well. The company has been struggling with sluggish sales owing to marginal growth in developed markets. 

It's estimated that half the company's $83-billion annual sales come from the beauty, grooming and healthcare businesses. Its product range includes Tide detergent, Olay skin cream, Crest toothpaste, etc.

To overcome the crisis, Procter & Gamble has decided to focus on its core business on fewer and faster growing brands like Tide and Gillette. The company has decided to sell off 40 brands for $12.5 billion to perfume maker Coty Inc.

P&G's product portfolio includes Tide detergent and Gillette razors. The announcement for new CEO will be after the board meeting on Tuesday, according to Wall street Journal's news report.

Earlier, Lafley added the beauty business to Taylor's portfolio of responsibility. This move placed him in charge of two of the company's four business units and paved the way for him to succeed Lafley.

Taylor has been serving as Group's President for global health and grooming business since 2013. The management has also proposed to include him in P&G's ailing beauty business. 

Lafley took over as CEO in 2013 and he also led the company during 2000-2009. In his 35-year tenure, Taylor worked in several capacities at P&G. He also worked in top managerial positions across China and Western Europe. He is likely to be Chairman. 

P&G stock closed 0.4% lower at $79.97 on New York Stock Exchange (NYSE) on Monday. 

P&G is planning to sell 100 brands as it wants to focus on 70-80 product lines that contribute 90% of company's profits and 90% of the total sales. It already sold 43 beauty brands in July 2015 including Clairol and Covergirl to streamline its sprawling array of products.