Markets

Trian's Peltz seeks a seat on board at Procter & Gamble

Trian's Peltz seeks a seat on board at Procter & Gamble

The move, first reported by The Wall Street Journal Monday, makes P&G, with a market value of $222 billion, the largest company ever to face a proxy fight.

The investment firm is seeking to add Nelson Peltz, its own CEO, to the company's Board of Directors.

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.

Following that was over five months of talks between Trian senior leaders and P&G regarding the company's direction strategically and what it needed to boost a lagging share price. "I like the man".

"We need a game-changing attitude at P&G", Peltz told WSJ.

With the annual meeting of P&G usually in October, both sides have approximately three months to keep discussing how to avoid a vote by shareholders on Peltz, who if he is elected would increase the members of the board to 12.

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PG stock was up slightly as of Monday morning.

Avoiding such a fight will hinge for the most part on what other shareholders of P&G think will be best for the consumer products company.

P&G's shares have underperformed peers such as Colgate-Palmolive and Johnson & Johnson, as well as the broader S&P 500 index, in the past decade.

However, those efforts have failed to boost the company's stock much beyond the level where it traded at the beginning of this year.

Trian and Procter & Gamble Co were close to reaching an agreement that would allow Peltz to join the Board if public goals weren't met, but the discussions fell apart in May.

"We believe that many of (P&G's) challenges relate to the company's organizational structure and culture, which can be highly resistant to change", the fund said. "The board is confident that the changes being made are producing results, and expresses complete support for the company's strategy, plans, and management".


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