In his first public remarks since officially being named Procter & Gamble's CEO Wednesday, Bob McDonald says he will strive "continuity with change," that P&G will place more focus on emerging markets such as India and Africa, and will become a "better, more integrated brand-building company," David Holthaus reports. The West Point graduate has worked his entire career at P&G, beginning in 1980 as a brand assistant. He was named vice chairman of global operations in 2004 and chief operating officer in 2007. "It's the right time for Bob to step up as CEO," says outgoing CEO A.J. …

Or, as columnist Tom Walsh describes the new life for the Detroit automaker: "Like a resourceful alley cat -- disrespected, kicked around, starving but tenacious -- the Chrysler automobile company appears to have cheated death once again."

It's part of a settlement reached with the California attorney general Jerry Brown's office. "CVS Pharmacy routinely sold expired baby formula, over-the-counter medication and dairy products long after the expiration date," says Brown.

Business Week's Jena McGregor and Roger O. Crockett tell incoming Procter & Gamble CEO Robert McDonald how to smooth the transition when he succeeds "Rushmorian" A.J. Lafley, who reigned for nine years. McDonald has been hailed as a skilled executor but doesn't have anywhere near the reputation for innovation that Lafley does. McDonald's first task will be to create a team that complements his strengths in operations while helping to address some of his weaknesses, they write. He'll also need to tread the line between forcing change and being deferential to Lafley's legacy -- a management principle that …

Thanks to a guerilla marketing effort by Verizon, New Yorkers can get a cab ride today from select locations in Manhattan to anywhere else in the borough for the fixed fee of 99 cents. And, in two weeks, they'll be able to buy a Mr. Softee Ice Cream from trucks at select points in the city for the same price. The goal is to promote Verizon prepaid cellular plans, which have a daily usage fee of 99 cents, Steve McClellan reports. "Brand ambassadors" at locales including Penn Station and Grand Central Terminal will manage the flow and collect the …

Rich Thomaselli reports that the rumor mill is firing on all cylinders that sultry Danica Patrick is contemplating a switch from open-wheel to stock car racing in NASCAR. If she does, he writes, it could have a huge impact on TV ratings and track attendance and bring in $50 million in new sponsorship money. Patrick, who has previously pitched Procter & Gamble's Secret deodorant, would likely open new avenues of sponsorship for NASCAR, either with female-oriented products or by bringing her current agreements with such companies as GoDaddy.com and Boost Mobile to the circuit. Patrick's high profile has …

It is comforting to know that the years are kind to sex appeal -- at least as far as eight ad industry judges brought together for a Forbes magazine feature are concerned. The sexiest commercial ever made, they collectively say, was the 1991 spot that opens with supermodel Cindy Crawford stepping out of a red Lamborghini. She suggestively buys a Pepsi from a vending machine at a rest stop as two panting young men look on. A 1973 Noxema ad starring the young Farrah Fawcett and smooth-faced Joe Namath takes the fourth position in the poll, and …

Lauren Coleman-Lochner and Jonathan Keehner report that the Eddie Bauer outdoor-clothing chain, which opened its first sporting goods store in Seattle in 1920, may seek bankruptcy protection as soon as this week. The Bellevue, Wash.-based company operates about 370 stores in the U.S. and Canada. Several groups have expressed interest in bidding for the retailer and catalog marketer's assets. Shareholders rejected a planned $285 million sale to two buyout firms in 2007. Eddie Bauer emerged as an independent company in 2005, two years after parent Spiegel filed for bankruptcy protection. General Mills owned the company from 1971 until …