Jim Stengel, Procter & Gamble's CMO, is stepping down, according to a report in AdAge.

Stengel, who oversees the company's $5.3 billion marketing budget, will be replaced by Marc Pritchard, who ran P&G's cosmetic business.

Stengel is retiring and will leave the company Oct. 31.

"Jim Stengel has reinvigorated P&G's marketing function and strengthened P&G's capability as one of the world's leading brand builders," P&G Chairman and CEO A.G. Lafley said in a statement. "Jim has helped change the way P&G markets our brands by challenging traditional marketing models and setting new standards for P&G marketing rooted in deep consumer understanding."