Nelson Peltz Procter & Gamble board decision


One board seat, one epic battle.

In the the culmination of the largest-ever proxy fight, Procter & Gamble will find out Tuesday if shareholders want to give Nelson Peltz a seat on the board of the owner of Bounty and Tide.

It’s a fight that has cost millions and at times turned personal, pitting former colleagues against each other.

P&G, which has a market capitalization of about $235 billion, has enlisted the help of four banks: Goldman Sachs, Morgan Stanley, Centerview and Lazard, as well as its former chief executive, A.G. Lafley, to support its cause. One estimate says it has spent $60 million to that end.

The investor, meanwhile, has written a 94-page white paper and recruited P&G’s former CFO, Clayton Daley.

Both have reached out to the company’s large retail shareholder base by email, paper mail, Twitter and Facebook. P&G, which is using a “Vote Blue” slogan for the campaign, created a website in P&G’s trademarked color. Trian has created its own website, “,” in blue a shade darker.

The public battle has been brewing since February, when Trian revealed a roughly $3.5 billion stake in the company. And in July, Trian nominated Peltz to P&G’s board of directors. All three proxy advisories — Egan-Jones, Glass Lewis and Institutional Shareholder Services — are recommending putting Peltz on the board.

Source link

Products You May Like

Articles You May Like

Lesson from Jeff Bezos’ last letter as Amazon CEO: Don’t be ‘typical’
Advice I got from a mentor at 22 years old that I use
Older millennial wealth levels are catching up to previous generations
Delta Air Lines (DAL) results Q1 2021
What are the most overrated places to travel? Travel writers share all

Leave a Reply

Your email address will not be published. Required fields are marked *