On May 24, Procter & Gamble announced that former chairman & CEO AG Lafley would be coming out of retirement to replace current CEO Bob McDonald, who will retire at the end of June 2013, an Economic Times report said. P&G said it brought the former chief executive to run the world's largest household maker with a base salary of $2 million. 

Lafley, a lifetime P&G hand who was CEO and president from 2000-09, led the company during a period of growth that saw its sales double and profits quadruple, on the back of a portfolio of more than 20 billion dollar brands like Tide, Pampers, Olay and Gillette, the acquisition of which Lafley oversaw in 2005.

Read the full report here