Nelson Peltz, a well-known activist with previous attempts to break up companies to receive bigger returns for shareholders, was put up for election for the upcoming annual shareholder meeting by Trian Fund Management.
The Telegraph reports that Peltz said he tried to get P&G to expand the Board to enable him to join it without an election, but after “numerous constructive meetings” he was rejected. He will now compete for a seat against the existing directors.
Trian, which owns roughly $3.3billion shares in P&G and describes themselves as P&G largest investor, said the Cincinatti-based consumer goods group suffered “disappointing results over the past decade” and wants to “help the company address the challenges it is facing.”
However, P&G refute such claims, saying that since CEO David Taylor took over two years ago, the company is moving in the right direction – Business Insider reports. The group say that giving Peltz a seat would disrupt Taylor’s progress.
Since Taylor took over, shares are up more than 20% - a result which Trian says is due to its investment and interest in change.