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P&G Directors Unhappy With CEO

As activist investor Ackman takes stake, board said to discuss replacing McDonald.

By Jeffrey McCracken, Carol Hymowitz and Lauren Coleman-Lochner, Bloomberg | Updated on July 13, 2012

Procter & Gamble Co. board members are dissatisfied with Chief Executive Officer Robert McDonald’s performance and are discussing a possible leadership change, according to people familiar with the situation.

Some P&G directors are talking about contacting former executives to potentially take the top job, said one of the people, who declined to be identified because the matter is private. James McNerney, who is chairman of the board’s compensation and leadership development committee, has told other members of the board he is unhappy with McDonald’s performance, especially after the company cut forecasts three times this year, another person said.

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