Most CEOs stick close to the home office when they get "The Call Up." But AG Lafley isn't like most CEOs. He's been there and done that and, now that's he's back in the top spot at Procter & Gamble, he's renting—not buying—in Ohio.
Lafley moved to Florida after retiring from P&G a few years ago and plans to keep his permanent home in Sarasota, where he lives with his wife and near his father. P&G is paying $200,000 to cover a temporary residence for Lafley in the consumer-products company’s hometown, according to P&G’s annual proxy filing released last week.
It probably marks the first time a sitting P&G CEO isn’t keeping a permanent residence near the company’s headquarters in Cincinnati. P&G requires that its CEOs live locally, company spokesman Paul Fox said Friday. Lafley technically will be doing so. He is currently staying at a nearby hotel, a person familiar with the matter said. In May, Lafley returned to the company to replace Bob McDonald, who stepped down this summer after P&G posted lackluster results during his four years on the job. His exit ended a brief retirement for Mr. Lafley, who turned 66 in June.
Mr. Lafley isn’t expected to stay in his role for more than a couple of years. One of his chief tasks is identifying a successor, likely from one of several internal candidates he recently promoted to more prominent roles.