Procter & Gamble has announced the succession of chief executive and president AG Lafley, with longstanding company insider David Taylor taking up the mantle later this year.

Lafley has served twice as CEO of the FMCG giant, having headed up P&G between 2000 and 2009, before retiring, and then returning to the business in 2013.

Taylor, who is group president of global beauty, grooming and health care, will succeed Lafley on 1 November. Lafley is not entirely relinquishing his ties with the company and will continue as executive chairman and lead the board of directors.

P&G has been involved in various overhauls of its operations, both from a media and marketing perspective, with number of media reviews in various global markets, and in its efforts to strip back the business to its core. Taylor himself has been instrumental in P&G’s strategy to offload peripheral brands, overseeing the sale of 43 brands to Coty.

Taylor joined P&G in 1980, has overseen divisions including family care and home care, and is credited by the company for driving “consistent double-digit profit and mid-single-digit sales growth”.

Jim McNerney, lead director of P&G’s board, said: “We thank AG for returning as CEO to lead P&G’s transformation. The company is now organised into four industry-based sectors with a focused portfolio of 10 categories and 65 brands that play to P&G’s strengths.

“Productivity results are strong and sustainable. Stronger category business and product innovation plans are in place. Now is the time to transition to David as CEO, while continuing to benefit from AG’s strategic counsel as executive chairman.”

Taylor added: “I am honoured to serve as P&G’s CEO. I believe in the power of P&G people, brands, products and values.

“P&G is transforming to be a faster-growing, more profitable company. I am committed to the strategies, and look forward to leading the people of P&G to win with consumers, drive growth and create shareholder value.”