Following Procter & Gamble Co.'s better-than-expected second quarter, activist investor Bill Ackman is lightening up on his criticism of CEO Bob McDonald, the Cincinnati Business Courier reports. Ackman, of New York-based Pershing Square Capital Management, told CNBC that McDonald “deserves a lot of credit” and that he hopes the CEO “can turn this thing around." He had been critical of McDonald's leadership since taking a $2 billion, 1 percent stake in P&G last year. “I think based on…