Procter & Gamble Co. said David Taylor would step down as chief executive after a six-year run atop the consumer- products company, where he battled with an activist investor, revived sales and navigated through a pandemic.
Mr. Taylor, 63 years old, will be succeeded on Nov. 1 by his top deputy Jon Moeller, who is 57 and a company veteran. Mr. Moeller has been P&G’s chief operating officer for the past two years and was previously its finance chief.
Mr. Taylor will serve as executive chairman.
The leadership change comes at a delicate moment for the maker of Pampers diapers, Crest toothpaste and Gillette razors. While the Covid-19 pandemic spurred demand for household products last year, it has strained supply chains and pushed up costs in a sector that operates on thin profit margins.
In an interview, Mr. Taylor said P&G’s decision to put Mr. Moeller in charge, which the board had deliberated over for years, reflects the company’s recent success. The board considered external candidates as well, he said.