Proxy Fights Are a Rarity for Peltz's Trian

Proxy Fights Are a Rarity for Peltz's Trian

Peltz's fund has also invested in PepsiCo - a stake that it said previous year it no longer held - as well as Wendy's, Mondelez International and General Electric.

In a regulatory filing, Peltz's investment firm, Trian Fund Management, argued that Procter & Gamble had underperformed financially and was in need of a shake-up. The firm's campaign website (revitalizepg.com) and press release has few immediate changes proposed for the company other than advocating for a geographic organizational structure that it believes will empower divisional leaders to make faster and better decisions.Shares of P&G were up slightly at $87.72 in afternoon trade. David Taylor, the longtime employee who became chief executive two years ago, drummed up some new costs to cut, but analysts appear underwhelmed by the company's focus on "irresistibly superior" products. In contrast, the S&P 500 Household Products index .splrcprod , which includes Kimberly-Clark Corp and Clorox Co, has risen 12 percent over the same period.

Trian Fund Management LP doesn't wage proxy fights often, but when it does, it goes big. Organic sales growth, a closely watched metric that excludes acquisitions or divestments as well as currency swings, has been stuck between 1% and 3% in recent years, well below prerecession levels. Since it started in 2005, it has only had two prior proxy fights - with H.J. Heinz Co. and DuPont Co. - and there were almost 10 years between them.

Billionaire investor Nelson Peltz blamed Procter & Gamble for allowing online shave club rivals to gobble up Gillette's razor market share.

Here is the latest Virginia sports news from The Associated Press
The pitchers said they wanted to do something for their friend and former teammate and wanted to make sure it was humorous. Catcher Caleb Joseph homered in the bottom of the fifth for the Orioles' first run, but by then, they trailed 7-1.

"P&G must act with the greatest possible urgency to address the market share it is losing to both its peers and smaller local competitors", Trian Partners said in a statement. "I like the man".

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.

Calling P&G's financial results over the last decade "disappointing", Trian cited weak shareholder returns, deteriorating market share and excessive cost and bureaucracy in the Securities and Exchange Commission filing that announced the challenge. P&G declined last week to add Peltz to the board following several months of discussions between the company and Trian.

Company executives have been implementing a strategy to sell off lower-selling brands and refocus P&G on its 65 top-selling labels, including Pampers and Tide.

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