Procter & Gamble announced Thursday that its current Chief Financial Officer, Jon Moeller, will become CEO in November, replacing David Taylor, who serves as Executive Chairman of the company’s board of directors.

Moeller, who also served as P & G’s Chief Operating Officer, has been CFO since 2009.

The Cornell University graduate has been with the company since 1988 when he was hired as a cost analyst for P & G’s grocery division.

“Jon has been an integral part of the P&G leadership team for more than two decades, helping develop the strategies that P&G employees execute with excellence to drive P & G’s growth and value,” said James McNerney, executive director of the P&G board of directors, announce the surprise train in a statement.

“He is a great leader and the company will benefit from his continued leadership to build on the strong momentum he has helped build over the past few years.”

Taylor will retire as CEO on November 1st

“We thank David for his strategic leadership and leadership over the past six years as the company returned to constant balanced growth and value creation,” said McNerney.

“A strong plan for continued success is in place and the Board of Directors unanimously agrees that the time has come to move to Jon as CEO. We are happy and grateful that David remains as Executive Chairman,” said McNerney.

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