Procter & Gamble Reorganizes Units

Procter & Gamble Co. is combining its five units into three to focus on the most profitable businesses. The largest U.S. household-goods maker also is promoting two executives to vice chairman, making them possible successors to Chairman and Chief Executive A.G. Lafley.

The three units are beauty care; health, baby and family care; and household care, which will include products in the food unit. Susan Arnold, 50, will be vice chairwoman of beauty care and Robert McDonald, 50, vice chairman of global operations, effective July 1, the Cincinnati-based company said.

Shares of Procter & Gamble fell 58 cents to $105.48 on the NYSE.