After some major media buzz, Procter & Gamble Company (P&G) has announced its appointment of Robert McDonald as its next chief executive officer (CEO), taking over for A.G. Lafley, according to news reports.

Mr. McDonald is a 29-year veteran of the company. He joined the company in 1980 and become chief operating officer (COO) in July 2007. He is credited with trimming costs throughout P&G's operations.

Mr. Lafley will remain chairman at P&G. He has been chairman since 2002 and CEO since 2000.

According to industry analysts, Mr. McDonald will emphasize beauty products at P&G during his tenure. With Olay already dominating mass skin care and Regenerist attracting attention from consumers who don't usually shop for skin care in mass markets, P&G is well-positioned in the skin care category. Now, the company is turning its attention to hair care, with the relaunch of Pantene expected this fall and the renewed focus on men's grooming with the recent acquisition of The Art of Shaving.