The company, which bought up Gillette towards the end of 2005 and now has an estimated turnover of $68.22bn, said that the restructuring mainly centers around its executive board members, who will all now report to Susan Arnold, named president of the global business units.
Likewise, it has also created a number of new executive positions, which it said reflected its expanding portfolio and the diversification of its three main business units.
Those new executive appointments include Robert McDonald, in the newly created post of chief operation officer for global operations and functions.
He will also have overall responsibility for the go-to-market operational plan.
With regards to the company's beauty care operations, it confirmed that Charles Bergh was named group president, global personal care.
Christoper Lapuente will be group president, global hair care and Hartwig Langer will become president, global prestige products.
"We are making these moves to realign our business units and top leadership structure to meet the changing needs of our larger, more diverse, faster-paced global business," said A.G. Lafley, company CEO.
"These changes are designed to help P&G's businesses consistently win at both the first (in-store) and second (at-home) moments of truth with consumers.
"Our business has nearly doubled since 2000.
We've had three major acquisitions including Clairol, Wella and Gillette.
And, we have tripled the pace of our business initiatives over this same period," he added.
"It is appropriate to make these changes in response to the current realities of our business, and I look forward to continuing to lead our very talented executive team."