In saying AG Lafley is “uniquely qualified” to lead Procter & Gamble – again – Jim McNerney, the board’s presiding director, somewhat understates the case.

Not only was Mr Lafley one of P&G’s most successful ever leaders between 2000 and 2009, he has literally written the book on how he achieved the corporate turnround – Playing to Win, co-authored by Roger Martin and published this year. But the record of chief executives who return to the top job is mixed: while there are benefits to bringing back the former CEO, there are pitfalls too. Read more