updated 6/10/2009 9:37:28 AM ET 2009-06-10T13:37:28

Procter & Gamble Co. said Wednesday it chose 29-year company veteran Bob McDonald to lead the world's largest consumer-products company.

McDonald, who will take over July 1 as CEO, has helped build P&G's developing-markets business and restructure company operations. P&G made the announcement on the long-expected succession a day after its board met in Cincinnati.

A.G. Lafley, who became chief executive nine years ago this week, will remain as chairman. He will be 62 Saturday.

McDonald will turn 56 later this month, before he moves up from chief operating officer to become company president and the 12th CEO in P&G's 172-year history.

The Gary, Indiana, native and West Point graduate has deep experience in Asia, where he sees strong growth opportunities for P&G. He thinks P&G can more than double its annual sales, to $175 billion a year, over the next 15 years by increasing its reach into countries such as India, China and Brazil.

The company's brands include Tide detergent, Gillette shavers and Pampers diapers.

Jim McNerney, the Boeing Co. chief executive and presiding director of P&G's board, praised Lafley for making the company more consumer-driven and innovative, and said McDonald is well-suited to take over now.

"Bob McDonald is the most broadly and globally experienced CEO in P&G history," McNerney said in a statement. "He has nearly 30 years of brand-building, market development, global business unit and global operations leadership experience across the company and throughout the world."

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