The Associated Press

NEW HAVEN, Conn. - The former chairman of Procter & Gamble has been named the new vice president of finance and administration for Yale University, the school said Tuesday.

John Pepper, 65, has been on Yale's governing board, called the Yale Corp., for eight years, and has served as chairman for the past year. He will step down from the corporation when he takes his new position Jan. 1.

Pepper said he expects to serve as vice president of finance and administration for no more than two years, overseeing Yale's financial operations, facilities, construction, human resources and administrative services.

In a 39-year career at P&G, Pepper led the company's expansion into foreign markets and its growth as one of the country's biggest consumer products manufacturers.

He retired as president and chief executive of the Cincinnati-based company in 1999, then returned in 2000 after P&G's stock price plummeted and his replacement, Durk Jager, retired.

Pepper's return helped restore shareholders' and Wall Street's confidence in P&G. He stepped down as chairman last year.