Procter & Gamble Staves Off Peltz's Campaign to Win Board Seat

Peltz's Activist Campaign Nears A Vote And Looking Favorable

Peltz's Activist Campaign Nears A Vote And Looking Favorable

Procter & Gamble Co repelled a challenge from activist investor Nelson Peltz for a board seat on Wednesday after shareholders backed all 11 directors nominated by the USA consumer goods company's management.

On Monday General Electric announced that Trian co-founder Ed Gordon would join its board.

Shares in the consumer products giant slid immediately after the vote was announced at Procter & Gamble's headquarters in Cincinnati, Ohio, early Tuesday.

"No matter what happens" P&G should put "me" on the board, Peltz said.

The vote count was said to be close going into Tuesday's meeting, with Peltz warning before the votes were collected that he's not going anywhere.

Mr. Peltz said whether he won or lost, "the shareholders have spoken", and want a bold change to occur at the company.

In fact, Peltz's intends to challenge the vote results, he told CNBC.

Peltz was just as determined moments after the preliminary results were released. "I think you can do a lot better".

P&G shares were down 1.5 percent, to $90.75, at 11:07 a.m.

The battle began in February, when Peltz's asset management firm Trian Partner's gained a $3.5 billion stake in the firm and elected Peltz to the board in July.

Recommended News

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.