Okay, it’s finally official. Procter & Gamble confirmed today that renowned chief executive A.G. Lafley will pass the baton to current COO Robert A. McDonald. McDonald takes over July 1, the beginning of Procter’s new fiscal year. In a highly structured, sub-30-minute conference call with Wall Street analysts, Lafley said, “We’re obviously in the midst of a challenging economic environment, but we still believe this is the right time for a well-planned and well-disciplined management transition.”

Well, A.G., it’s not perfectly clear that investors agree. P&G shares were down about 20 cents in midday trading. That’s no avalanche, but it suggests the outside world looks at this succession a bit differently than the Procter board and even most employees.

Outsiders view Lafley as an icon. As management gurus such as Warren G. Bennis have suggested, if there were a mountain with the busts of CEOs carved into it, Lafley would be there alongside Jack Welch, Bill Gates and Henry Ford. For onlookers, there’s little comfort in swallowing Lafley’s move.

Go here to see the original: BusinessWeek – Management IQ