Louvet replaces Charles V Bergh, who is retiring from the company. He has been with P&G for 28 years and is leaving to become the chief executive of an undisclosed company.
Louvet is currently the president of global prestige at P&G. He will be replaced by Joanne Crewes, the current vice president of global SKII and female beauty, Australasia, south east Asia, India, Japan and Korea.
Louvet has held leading roles across the beauty categories for P&G's prestige and mass channels.
Crewes has worked across P&G's haircare, cosmetics, personal care and cleansers, and skincare businesses for the past 20 years.
Robert McDonald, chief executive and president, P&G, said: "Gina Drosos, who currently leads our Female Beauty business, Patrice Louvet, Joanne Crewes and their teams have deep, diverse and global experience in Beauty.
"In fact, this new team, incumbent and new leaders alike, has nearly 300 years of collective Beauty industry experience.
"I am confident we have the right experienced hands on this business and will continue to strengthen P&G's global leadership in the Beauty industry. We wish Chip great success and will build on the strong foundation he has laid in our Grooming business over the past six years."
Last month, Procter & Gamble's Roisin Donnelly was named the most powerful marketer in Britain, topping Marketing's annual Power 100 ranking, sponsored by Engine.