Procter & Gamble faces showdown with activist investor
17 July, 2017, 23:12 | Author: Leticia Walters
Should Mr. Peltz's Trian win, which is far from guaranteed given how much support it must gain from other shareholders, it would mark a new milestone for a. If the report is correct, P&G would be the biggest company ever to face a proxy fight, (in which shareholders are persuaded to gather enough shareholder proxies to win a corporate vote).
P&G's shares have underperformed peers such as Colgate-Palmolive and Johnson & Johnson, as well as the broader S&P 500 index, in the past decade.
It is confident that Pelz's expertise and track record of working successfully with management "will be invaluable to P&G as it works to overcome its challenges".
P&G has said changes introduced from late 2015 will save $US10 billion in annual expenses by 2021, and has cut 24,000 jobs since 2012.
P&G is "actively executing its strategy to achieve balanced, sustainable long-term growth and value creation". Trian got no seats, but the chief executive was out five months later, and DuPont announced a merger with Dow Chemical that would lead to a breakup.
SV&C's George Sard heads the TFM team, joined by Margaret Popper and Kelsy Markovich.
But P&G said it was sticking with its current plan.
Procter & Gamble's board may still be smarting from its last nick with activism. Over roughly half-a-dozen meetings and conversations, Trian laid out its concerns while P&G detailed its own views, but the sides didn't come to an agreement, the people said.
On July 11, Peltz proposed he be given one seat on the board. Regional units have been handed more autonomy in bringing their products to market and executives say profit-and-loss responsibility now lies at the feet of category leaders. Trian said it was concerned that $13 billion of identified cost savings would not materialize given an "overly complex organizational structure and a slow-moving and insular culture".
Trian said it is not pushing for P&G to break up, to replace its CEO or directors, cut its pension benefits or reduce marketing and research and development spending. Trian, whose plans were reported earlier by the Wall Street Journal, said Monday it still hopes it can avoid a proxy fight.
Carolyn has also held non-executive director roles with Lloyds TSB (2008 - 2009), Tesco (2005 - 2008) and New Look (1999 - 2005). Crozier, who has been at the helm of broadcaster for seven years, announced his departure from the company back in May.
In addition to his work with the Knicks and Rangers, Wolff was part of the team for NBC's baseball "Game of the Week" broadcasts. A native of New York City, Wolff attended Duke University and broadcast Blue Devils baseball games on the radio.
Congress in 2013 required the Defense Department to research a third site for ground-based interceptors to defend the U.S. China has claimed the system could be used to intercept 1 of its own missiles.
Stress is linked to social disadvantage and members of minority groups tend to suffer disproportionately from these disadvantages. The two other studies found higher risk for dementia in people born in states marked by high infant mortality rates.
A woman can also be seen in the video, hanging on desperately to a tree as brown muddy waters rage through a rocky canyon. Terrifying footage taken by survivors showed one man clinging to a tree with his baby in his arms as water rushed by.
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