CHICAGO | Tue Feb 1, 2011 - (Reuters) - Procter & Gamble Co is consolidating its three global business units into two as Robert Steele, vice chairman of the $14.6 billion health and well-being unit, prepares to retire later this year.

Hugo Boss Fragances managed by P&G

Steele will retire as of September 1, after 35 years at the company, the company said on Tuesday. Starting today, he is serving as vice chairman of health care strategy until his retirement.

Steele most recently led the health and well-being unit, with goods such as Crest toothpaste, Always feminine care pads, Iams pet food and Pringles potato crisps. He led P&G's North American business from 2000 to 2006, a tenure that included bringing Gillette Co into the business after its 2005 acquisition.

P&G said that it is consolidating its three units -- beauty and grooming, health and well-being, and household care -- into two, beauty and grooming, and household care.

(Reporting by Jessica Wohl, editing by Gerald E. McCormick)