Stephen P. Donovan, President of global beverage and North America food and beverage at The Procter & Gamble Company today revealed his retirement on 1 February, 2002, after over 34 years of service.

A.G. Lafley, P&G president and CEO announced: “Steve Donovan has made many outstanding contributions to our business over the past 34 years, including record sales and profit growth in fabric and home care and a return to consistent sales and profit growth in our food and beverage business.

“Under his leadership in food and beverage, Pringles expanded globally, becoming one of the company’s billion dollar brands and the largest snack brand in the world. Most recently,  Steve  played a significant role in leading the restructuring program that already is  improving  the company’s competitiveness and long-term growth potential.”

Michael J. Griffith, 44, currently VP of North America coffee products, was elected to replace Donovan from 1 February. Lafley said of Donovan’s successor: “Mike Griffith has a depth of experience  in our beverage business. Under Mike’s leadership, Folgers has become one of the company’s largest and most profitable brands. I am confident he is the right leader to keep this business moving forward.”