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

Judith Bessette
Julho 17, 2017

Peltz's Trian Fund Management LP, which owns about $3.3 billion worth of shares at Procter & Gamble, said Monday that it's interested in helping Procter & Gamble improve its performance, saying that its financial performance over the last 10 years has been disappointing.

The past 12 months alone have seen Third Point's Daniel S. Loeb push for changes at Nestlé and Paul E. Singer's Elliott Management take on Samsung and the mining giant BHP Billiton.

However, those efforts have failed to boost the company's stock much beyond the level where it traded at the beginning of this year. The shares are down 5% from their peak in late 2014.

WCPO Insiders will learn what the looming proxy fight could mean for P&G.

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

"As a member of the board, Mr. Peltz would seek to help the company increase sales and profits, regain lost market share, and address the company's structure and culture, and we believe that he can contribute far more value operating from within the company's boardroom than by merely advising the company from the outside", Trian wrote in its proxy materials. After a series of additional meetings, P&G declined the request, prompting Peltz to seek shareholder support at the company's annual meeting in October.

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.

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