Procter & Gamble is finalizing plans to replace longtime CEO A.G. Lafley with its current COO Robert McDonald, The Wall Street Journal reports.
With McDonald at the helm, many ad agencies and marketing firms could lose business considering the executive's no-nonsense approach and recent penchant for streamlining operations.
Procter & Gamble is the world's biggest advertiser, spending to the tune of $8.7 billion a year, so any decline that reverberates through the industry will have a chilling effect.
