P&G finance chief Jon Moeller to add vice chairman title July 1

Andrew Harrer | Bloomberg | Getty Images

File photo of Jon Moeller, chief financial officer of Procter & Gamble Co.,left and Jay Rasulo, chief financial officer of Walt Disney Co. in 2011.

Procter & Gamble said Jon Moeller, its chief financial officer, will add the title of vice chairman, effective July 1.

Moeller has been CFO of the household products giant for the past eight years, and is a 29-year veteran of the company.

The maker of Tide detergent and Bounty paper towels said the appointment reflects the leadership Moeller has shown in the past and the expanded role he will have as the company works to overhaul its business.

P&G is in the midst of a restructuring aimed at squeezing $10 billion in cost cuts from the business. The company is trying to revive its sales growth, which has slowed in recent years.

It also has been meeting with Trian Fund Management, which has built up a stake in the company.