Nelson Peltz Won't Seek Re-Election To P&G Board
A controversial member of Procter & Gamble's board of directors says he will not stand for re-election at the company's upcoming shareholders meeting.
Activist investor Nelson Peltz spent millions fighting for a spot on Procter & Gamble's board in 2017, and Cincinnati-based P&G also spent millions to fend off that bid.
The months-long proxy battle was the biggest and most expensive ever.
Peltz, the CEO and a founding partner of Trian Fund Management, said he wanted to massively restructure the maker of products such as Tide, Dawn and Crest.
Though the company initially said Peltz lost, a recount showed an incredibly narrow margin and P&G named him to its board, citing the large number of shareholders who voted for him.
"P&G has created tremendous value for all stakeholders since 2017,"Peltz says in a statement. "As a large shareholder of Procter & Gamble, Trian remains highly confident in P&G’s continued success given its focused strategies, disciplined execution, accountability-driven organization structure and an extremely strong management team. Under David Taylor’s leadership and the stewardship of the P&G Board, Trian believes the company is well positioned for continued, future success as David passes the baton to Jon Moeller."
P&G last month announced David Taylor is stepping down as president and CEO. He'll become executive chairman effective Nov. 1, 2021. Procter & Gamble tapped Moeller as his successor.