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Published: Wed, October 11, 2017
Global Media | By Abel Hampton

Procter & Gamble Shares Edge Up as Proxy Battle Nears Finish Line

Procter & Gamble Shares Edge Up as Proxy Battle Nears Finish Line

Also, Procter & Gamble executives will have to work harder to prove to frustrated shareholders who cast their votes for Mr. Peltz that their plan is yielding results.

"We are encouraged that shareholders recognize P&G is a profoundly different, much stronger, more profitable company than just a few years ago", the company said.

The battle began in February, when Peltz's asset management firm Trian Partner's gained a $3.5 billion stake in the firm and elected Peltz to the board in July.

By P&G's measure Peltz lost his bid by a narrow margin, but it will still take time for the results to be certified.

Trian says that P&G has underperformed its peers for a decade.

Procter & Gamble CEO David Taylor on Tuesday said that investors supported his company's strategy, despite a proxy battle that saw almost half the votes cast go against it. Appearing on CNBC moments later he said the company should still put him on the board of directors.

P&G shares are up more than 20 percent since Taylor became CEO.

"I think they're doing exactly what we need", he said.

"Trian believes in P&G's potential and wants to see the Company grow market share again and deliver long-term sustainable value for the benefit of all stakeholders", the press release added.

Peltz has been on a winning streak and his influence is being felt in a number of boardrooms in the U.S.

Shares of P&G dropped 50 cents to close at $91.62.

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