Economy

P&G Fends Off Peltz Board Bid

P&G Fends Off Peltz Board Bid”

CINCINNATI-Hundreds of shareholders are expected to descend on the Cincinnati headquarters of Procter & Gamble Co. While he hasn't called for the replacement of Chief Executive Officer David Taylor or a breakup of the company, Peltz did suggest reorganizing the maker of Tide and Pampers into three largely autonomous units.

"If anything its plus or minus one percent, we need to really count it and understand it", Peltz said in an interview on CNBC.

Peltz was considered a favorite to win one of the 11 board seats up for a vote since he had the backing of the three top shareholder advisory firms that recommend how mutual funds cast their vote, according to Reuters. "We believe shareholders' voices are being heard at P&G today, thanks to Trian's involvement", Trian said.

Peltz's Trian Fund Management, which owns about $3.3 billion in company shares, says it's still too close to call and they are awaiting the certified results.

This is only the third time Trian has waged a proxy contest in its 12-year history. Two years ago it narrowly lost a fight with DuPont, although within a year the company's CEO was out a job and a faster cost cutting was underway.



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