Trian Wants Peltz on P&G Board, Starts Public Proxy Fight

Ivan Schwartz
July 17, 2017

Trian, which has a stake of $3.3 billion with P&G or 1.5%, urged P&G shareholders to vote for Nelson Peltz the co-founder and CEO of the activist investor at the upcoming company shareholder meeting, saying that his track record working with company managements to turn consumer companies around has been very successful.

In an interview with The Wall Street Journal, which broke the news last night, Peltz said that "We need a game-changing attitude at P&G.We just can't keep going along the same path".

P&G's proxy filing, disclosed on Monday, shows that Trian's dialogue with the company goes back to February 16, when Peltz called Taylor shortly after disclosing the stake to make the introduction and set up an in-person meeting.

Trian also claimed the company's market share had deteriorated as organic sales growth had decelerated and that it needed to take further action beyond selling off unprofitable brands.

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Trian's move is the latest in a lengthening series of assaults on the world's biggest consumer goods companies by those who think they're too conservatively run.

The consumer goods giant, whose products include Crest toothpaste and Gillette razors, has struggled in recent years to win over Wall Street analysts anxious by increased competition and declining market share, particularly in the United States.

Mr Peltz said he had tried to get P&G to expand the board to enable him to join it without an election showdown but in spite of "numerous constructive meetings" he was rebuffed and will now contest a seat against the existing directors. "The board is confident that the changes being made are producing results, and expresses complete support for the company's strategy, plans, and management".

The two sides appeared near an agreement to avoid a public fight, the filing shows, which hinged on P&G publicly committing to certain performance goals over a 12-month stretch and appointing Peltz to the board if the goals were not met. P&G have reportedly been in talks for five months, but the company is said to have rejected to name Peltz as a director last week.

Other reports by GizPress

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