Investors worried about Procter & Gamble after today’s sales forecast appeared to breathe a sigh of relief when Chairman, President and Chief Executive A.G. Lafley said he was sticking around.
 
“Rumors of my passing are greatly exaggerated,” Lafley joked during a meeting on Thursday. “I have a cold today but otherwise I feel pretty good.”

When should Lafley, shown here in a 2005 photo, retire?  Well, according to P&G’s guidelines of stepping down at 65, Lafley would be out in 2012.

“We have a ton of opportunity in this company and in this industry,” he said, noting that investors should not fret about the economy as much as they might be. “You can watch too much CNBC and too much CNN and it makes you crazy.”

P&G shares, down as much as 2.7 percent, rose after Lafley’s comments. 

Meanwhile, P&G said 50-year old comedienne Ellen DeGeneres will be the spokesmodel for its new CoverGirl and Olay Simply Ageless Foundation.

CoverGirl said the $13.99 makeup “stays suspended over fine lines and wrinkles.”  We’ll have to see it to believe it.  Maybe it has the same kind of technology that keeps Ellen’s theme song suspended in your mind long after you watch the show.

(Reuters photos)