The twin towers that house the corporate headquarters of Procter and Gamble
17 Julio, 2017, 16:13
Nelson Peltz'sTrian Fund Management said on Monday it was seeking a seat for its billionaire chief executive at Procter & Gamble's board as it looks to push the company to take more drastic steps to revive sales.
Trian, which owns about $3.3 billion of P&G stock, said P&G has underperformed relative to its peers and the S&P 500 over the past decade, saying that total shareholder return was less than half that of its peers and has been in the bottom quartile over recent time frames.
In a bid to boost profits even as sales remain stagnant, P&G has sold unprofitable brands, including 41 beauty brands to Coty, and focused on core brands such as Tide, Pampers and Gillette. With a market cap of $222 billion, Peltz's campaign marks the biggest proxy battle in corporate history based on market size, WSJ noted.
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"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.
Mr Peltz said he had tried to get P&G to expand the board to enable him to join it without an election showdown but in spite of "numerous constructive meetings" he was rebuffed and will now contest a seat against the existing directors.
P&G said in an email on Monday that its board was confident that the changes being made by the company were producing results and expressed complete support for its strategy, plans, and management. Nor was it seeking to replace the company's chief executive of less than two years, David S. Taylor.
Wall Street Journal reported earlier on Monday that Trian was set to launch a proxy fight.
The company's annual meeting is usually held in October.
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We are catching those involved in this shady business and raids are being conducted at several places. Even if there is involvement of the politicians, don't leave them, even if they belong to the TRS.
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