Preliminary Result: P&G Board Challenge Fails
Update 10:45 a.m.: Nelson Peltz will not be sitting on Procter & Gamble's board of directors. Preliminary results show shareholders have rejected Peltz's board bid. The vote must still be certified.
Original Post: Speaking to investors at Procter & Gamble's annual meeting Tuesday morning, hedge fund boss Nelson Peltz, says he's expecting a close vote. "Win or lose the shareholders have spoken," he said. "Either way, it's a vote for bold change."
Peltz is challenging for a spot on the board with the promise of bringing sweeping changes to how the company operates. P&G has campaigned strongly against Peltz's election.
Peltz spoke only two minutes of the allotted six saying, "The board owes it to the shareholders to really study the issues of structure and the issues of culture."
He says, "P&G has some really terrific people but they are suffering under a struggling bureaucracy."
Chairman of the Board, David Taylor, told shareholders the board does not endorse Peltz.
Shareholders decide Tuesday morning if Peltz is elected. The vote has many in Cincinnati and around the world taking sides.
WCPO.com Business Reporter Dan Monk spoke with WVXU's Maryanne Zeleznik about Tuesday's big vote.