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Trian Fund Management seeks to seat Nelson Peltz on P&G board
17 July 2017, 09:40 | Kelvin Horton
Getty Images Trader on the floor of the New York Stock Exchange
Trian said it was disappointed by the rejection and advised those in attendance it would push ahead with a proxy fight.
The Trian Fund Management investment firm on Monday said it nominated Nelson Peltz for a board seat at Procter & Gamble to shake up the stalled consumer-products giant.
Calling P&G's financial results over the last decade "disappointing", Trian cited weak shareholder returns, deteriorating market share and excessive cost and bureaucracy in the Securities and Exchange Commission filing that announced the challenge. We believe P&G needs to address the factors contributing to this consistent underperformance. "Trian believes P&G must take decisive action that goes above and beyond what P&G has presently committed to do".
The firm, which initially revealed its position in February, now holds 37.6 million P&G shares, or about 1.5 percent.
However, it does want to bring change to the company, which includes cutting cost and management. "The board is confident that the changes being made are producing results, and expresses complete support for the company's strategy, plans, and management". Meanwhile, the company is losing market share in various categories yet it's the only company in the world that boasts over 20 billion-dollar brands.
In a CNBC interview on Monday, Peltz said he spoke with former Gillette employees who said they wouldn't have let online rivals Dollar Shave Club and Harry's gain as much of a foothold as P&G did.
But that has hurt sales, which have declined over the past three years, and the company's share price. Nor was it seeking to replace the company's chief executive of less than two years, David S. Taylor.
Shares of P&G are up less than 4 percent this year.
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. Dan Loeb's Third Point disclosed last month that it had amassed a $3.5 billion stake in Nestle, encouraging the company to sell its stake in cosmetics maker L'Oreal and increase leverage for share buybacks.
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