Changes are afoot at the top of Procter & Gamble (NYSE:PG). The company announced that Alan "A.G." Lafley has been appointed its new president and CEO. He will also serve as the chairman of the firm's board.

The president and chief executive jobs are not new for Lafley. He served in both capacities at P&G from 2000 to 2009. With his new appointment, he replaces the man who replaced him, Bob McDonald, who is retiring after 33 years at the company.

Lafley is a veteran P&G executive. He joined the firm in 1977. The company quoted Jim McNerney, the presiding director of its board, as saying the new CEO is expected "to further improve results, implement the current productivity plan, and facilitate an ongoing succession process."

Fool contributor Eric Volkman has no position in Procter & Gamble. The Motley Fool recommends Procter & Gamble. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.