Cincinnati-based Procter & Gamble said its chief financial officer is to retire next year.

Clayton Daley, vice chairman and chief financial officer, will retire in September 2009 after 35 years of service, to be succeeded by Jon Moeller, currently vice president and treasurer.

Daley will step down as CFO on 1 January and will continue to serve as an advisor until his departure.

"Clayt has been a strong strategic partner to me and to P&G's business leaders over the past decade," said chairman and chief executive A.G Lafley. "He's helped focus management attention on cash productivity and set high standards for corporate governance and stewardship."

Moeller has worked in a number of divisions within P&G's business including laundry and cleaning in China and beauty and health globally.

"Jon has worked closely with Clayt Daley for many years and they have developed a smooth transition plan. He is the right leader to succeed Clayt as P&G's CFO," Lafley added.