Lafley moved to Florida after retiring from P&G a few years ago and plans to keep his permanent home in Sarasota, where he lives with his wife and near his father. P&G is paying $200,000 to cover a temporary residence for Lafley in the consumer-products company’s hometown, according to P&G’s annual proxy filing released last week.
It probably marks the first time a sitting P&G CEO isn’t keeping a permanent residence near the company’s headquarters in Cincinnati. P&G requires that its CEOs live locally, company spokesman Paul Fox said Friday. Lafley technically will be doing so. He is currently staying at a nearby hotel, a person familiar with the matter said. In May, Lafley returned to the company to replace Bob McDonald, who stepped down this summer after P&G posted lackluster results during his four years on the job. His exit ended a brief retirement for Lafley, who turned 66 in June.
Lafley isn’t expected to stay in his role for more than a couple of years. One of his chief tasks is identifying a successor, likely from one of several internal candidates he recently promoted to more prominent roles.