Published: Mon, July 17, 2017
Markets | By Noel Gibbs

Peltz goes for the close shave at Procter & Gamble

Peltz goes for the close shave at Procter & Gamble

Procter & Gamble under siege: Peltz's Trian Fund Management plans to launch a fight for a board seat at Procter & Gamble (PG), making it the largest company to face a proxy battle, The Wall Street Journal reported Monday.

The filing said Peltz met with P&G officials in May, seeking a public commitment to appoint him as a board member within 12 months unless the company's performance improved. However, Trian did not call for a breakup of the company. "Trian believes P&G must take decisive action that goes above and beyond what P&G has presently committed to do". P&G's board and management team are keenly focused on executing the company's strategy to drive innovation, accelerate organic sales and volume growth, improve productivity and cost structure, and strengthen P&G's organization and culture. The company had a market value of $222.77 billion, as of Friday's close.

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P&G said in an email on Monday that its board was confident that the changes being made by the company were producing results and expressed complete support for its strategy, plans, and management.

The outcome of the proxy fight is unclear, as both sides jockey for investor support. The fight will play out over the run up to the company's annual meeting, which is usually held in October.

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Trian said in the filing it was launching the proxy fight because of P&G's continuing underperformance and the lack of tangible evidence that the company had embraced initiatives discussed at various meetings between the parties.

But that has hurt sales, which have declined over the past three years, and the company's share price. For the last two years, executives urged investors to be patient.

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This battle comes during a time activist investor supported by successful campaigns over the years for changes at companies throughout the well as overseas, using their huge coffers to seek out larger prey.

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