• by David Goetzl  @dgoetzl, July 16, 2008

The top marketing executive at the country's largest advertiser is retiring at 53. Jim Stengel, global marketing officer at Procter & Gamble, is ceasing his duties Aug. 1, and will be replaced by Marc Pritchard.

Pritchard, 48, is currently president of strategy, productivity and growth. He will report to COO Robert McDonald, as did Stengel. Stengel will officially retire on Oct. 31, after 25 years at the consumer packaged-goods giant.

In the interim months, he will work on special projects, P&G said, reporting to McDonald.

"Jim Stengel has reinvigorated P&G's marketing function and strengthened P&G's capability as one of the world's leading brand builders," said CEO A.G. Lafley. "Jim has helped change the way P&G markets our brands by challenging traditional marketing models and setting new standards for P&G marketing rooted in deep consumer understanding."

Lafley said Pritchard has worked closely with Stengel over the past two years.