NEW YORK (AP) — Household products giant Procter & Gamble Co. is hoping its former CEO can work his magic once again.

The Cincinnati company said late Thursday that former CEO A.G. Lafley, a 33- year industry veteran, is returning to its top post. The surprise move comes as the world’s largest consumerproducts maker tries to spur growth in the face of stiff global competition.

Lafley, 65, replaces CEO Bob McDonald, effective immediately. McDonald, who will retire June 30 after a transition period, has served as CEO since 2009.

Lafley, who led P&G from 2000 to 2009, also is taking the president and chairman titles.

The 175-year-old company’s Tide detergent, Crest toothpaste and other products can be found in 98 percent of American households. But it is struggling to grow.

In his first stint at the helm, Lafley helped right an ailing P&G, emphasizing innovation and a “consumer-is-boss” focus. That included spending more time in personal interviews with consumers.

He also pulled off the blockbuster $57 billion acquisition of the Gillette Co. in 2005, expanding P&G’s reach into male-oriented products with Gillette’s shavers and razors.

“A.G.’s track record and his depth of experience at P&G make him uniquely qualified to lead the company forward at this important time,” said board director Jim McNerney.

P&G is known for its premium products that cost more than competitors but are perceived by customers to be of higher quality.