Procter & Gamble Co. board members are dissatisfied withChief Executive Officer Robert McDonald's performance and arediscussing a possible leadership change, according to peoplefamiliar with the situation.

Some P&G directors are talking about contacting formerexecutives to potentially take the top job, said one of the people,who declined to be identified because the matter is private. JamesMcNerney, who is chairman of the board's compensation andleadership development committee, has told other members of theboard he is unhappy with McDonald's performance, especially afterthe company cut forecasts three times this year, another personsaid.

The board's discussions in part coincide with activist investorWilliam Ackman taking a stake in P&G. Ackman plans to press formanagement changes and is seeking more investors to join his push,the people said.

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