(Reuters) -Procter & Gamble said on Wednesday Andre Schulten, currently senior vice president of its baby care unit in North America, would succeed long-time finance chief Jon Moeller in March. Moeller, 56, will retain his role as vice chairman and chief operating officer, the Pampers diapers and Gillette shaving products maker said. Schulten, 50, who joined P&G in 1996, was previously senior vice president of finance & accounting for the company’s global Baby Care, Feminine Care, and Family Care unit and before that for Western Europe. “Andre is well equipped to take on this role, with a distinguished career in Finance & Accounting as well as critical business leadership recently leading North America Baby Care,” Chief Executive Officer David Taylor said in a statement. Schulten will receive an annual base salary of $750,000 in his new role along with equity grants and other executive incentives. Moeller, P&G’s finance chief since 2009, will be tasked with leading its enterprise markets unit, which contributes about 10% to total revenue, and handles go-to-market activities for business units in some of the company’s smaller markets. The company’s shares were down 1% at $136.51 in morning trading.