In 2012, there began to be a drumbeat of criticism about P&G’s earnings and stock price. An outside activist investor, Bill Ackman, leveled complaints about the company’s performance, saying that McDonald was spending too much time on outside activities. Despite cutting thousands of jobs and bringing up P&G’s stock price, McDonald was pushed out in June 2013 and replaced by the man he had succeeded in the job, A.G. Lafley.
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