BUSINESS BRIEFING / EXECUTIVES

Procter & Gamble Co. said Susan E. Arnold had stepped down as president, leaving Chief Operating Officer Robert A. McDonald as the front-runner to be the next chief executive of the world’s largest consumer products maker.

Arnold, who has been P&G;’s highest-ranking female executive, and McDonald were both promoted in 2007 in a move some analysts perceived as setting up a succession for Chief Executive A.G. Lafley, 61. But Lafley has dismissed suggestions that he is ready to retire any time soon.