P&G board meets amid CEO reports

The Procter & Gamble Co. board is meeting after published reports that it’s ready to act on a long-anticipated CEO succession plan.

However, a company spokesman said no announcement was planned as the directors gathered Tuesday morning at P&G’s Cincinnati headquarters.

Chief operating officer Bob McDonald has been the front-runner to succeed A.G. Lafley as chief executive officer of the world’s largest consumer products maker, with Lafley considered likely to stay on as chairman. The Wall Street Journal reported Monday that the board was expected to approve the change Tuesday.

Shares of the company that makes Gillette shavers, Tide detergent and Pantene shampoo are down 64 cents, or 1.2 percent, to $52.50 in morning trading.

Copyright 2009 The Associated Press.