Procter & Gamble Co.'s directors are facing a timemanagement challenge: monitoring Chief Executive Officer RobertMcDonald's turnaround plan while running their own companies.

Until Angela Braly resigned as WellPoint Inc.'s top executivelast week, six of the 10 outside directors on P&G's board wereactive CEOs, the highest number of any company in the Standard& Poor's 500 Index, according to an analysis by GMI Ratings inNew York. Now that Braly is no longer a CEO, P&G tiesInternational Business Machines Corp. with five, GMI found.

The concentration of leaders on P&G's board threatens toturn from benefit to burden as the executives confront financial,operational and macroeconomic difficulties at the companies theyrun. Braly stepped down from health insurer WellPoint afterinvestors called for her ouster, while James McNerney, anotherP&G director, is steering Boeing Co. through defense spendingcuts and delays to new jets. P&G director Meg Whitman, CEO ofHewlett-Packard Co., had an $8.86 billion record loss last quarteras her company wrote down the value of its enterprise-servicesunit.

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