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This article was originally published in The Tan Sheet

Executive Summary

P&G announces changes to board: Procter & Gamble presiding director Norman R. Augustine will retire following the firm's August board meeting after 18 years of service - the last three as presiding director, the firm announces June 12. A retired chairman and CEO of Lockheed Martin, he currently serves as chair of P&G's Compensation and Leadership Development Committee and is a member of the Innovation and Technology Committee. W. James McNerney, who joined P&G's board in 2003 and currently is a member of the Audit, Compensation and Leadership Development and Finance committees, has been named to succeed him. McNerney is chairman, president and CEO of Boeing. Separately, the firm appoints Rajat K. Gupta of management consulting firm McKinsey & Company to the board, effective immediately. Gupta joined McKinsey in 1973 and was named senior partner in 2003...
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