Economy

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

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

Procter & Gamble under siege: Peltz's Trian Fund Management plans to launch a fight for a board seat at Procter & Gamble (PG), making it the largest company to face a proxy battle, The Wall Street Journal reported Monday.

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

Trian Partners called for "decisive action that goes above and beyond what the company has presently committed to do".

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.

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"I am quite surprised and very disappointed because I think David (Taylor) and I have developed a very positive relationship", Peltz told CNBC, when asked if he was surprised that the dialogue had turned into a proxy fight.

"We believe that P&G has an overly complex organizational structure and a slow moving and insular culture", Trian Partners said in a notice to company shareholders.

This move comes after Peltz was denied a seat on the Board last week.

Shares of the company were up slightly at $87.53 in morning trade on the New York Stock Exchange.

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Trian said that it's not looking to break up P&G, replace Taylor or remove other board members. "We just can't keep going along the same path", he said.

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.

In a bid to boost profits even as sales remain stagnant, P&G has sold unprofitable brands, including 41 beauty brands to Coty Inc (coty), and focused on core brands such as Tide, Pampers and Gillette.

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.

Manchester United offer Ander Herrera £41.6m contract: Barcelona interest to end
After all, Herrera paid up his contract at his previous club to move to the Premier league and join Manchester United . Herrera is now all set for a huge pay rise on his current deal to ward off interest from Barcelona .

However, it does want to bring change to the company, which includes cutting cost and management.


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