Economy

Trian Fund Management seeks to seat Nelson Peltz on P&G board

Trian Fund Management seeks to seat Nelson Peltz on P&G board

"As one of P&G's largest shareholders, and given P&G's disappointing results over the past decade, Trian has a keen interest in helping the company address the challenges it is facing", Trian said in a statement. However, Trian did not call for a breakup of the company. "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 company must act with the greatest possible urgency to address the market share it is losing to both its peers and smaller local competitors, who are adapting to industry changes more effectively than P&G". P&G is expected to hold its annual shareholder meeting in October. However, P&G shares are up 5.2% year to date, based on Friday's closing price. P&G declined last week to add Peltz to the board following several months of discussions between the company and Trian.

Joe Biden to publsih first post-vice presidency memoir
The former US senator from DE and vice president under Barack Obama is scheduled to appear at the Michigan Theater on December 13 as part of his "American Promise Tour".

Company executives have been implementing a strategy to sell off lower-selling brands and refocus P&G on its 65 top-selling labels, including Pampers and Tide.

U.S. to offer 15000 extra temporary worker visas this year
It's a new requirement to access the visas under Trump's "America First" administration. The Trump Organization is among the businesses that use the visas.

Billionaire investor Nelson Peltz blamed Procter & Gamble for allowing online shave club rivals to gobble up Gillette's razor market share. Nor was it seeking to replace the company's chief executive of less than two years, David S. Taylor.

Major cyberattacks of the future as costly as natural disasters
Lloyd's of London is warning a significant cyber attack could cause more damage to the global economy more than a major natural disaster.

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. Currency exchange rates have diluted the impact of the $10 billion in cost cuts P&G delivered over the past five years, and now it seems fair "to question the benefit of re-investing those savings, particularly as sales and earnings growth have only decelerated over this time frame, according to Lieberman".


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