Investment activist wants seat on P&G board
CINCINNATI (WKRC) - A well-known activist in the investment world wants a seat on the board at Procter and Gamble.
It makes the Cincinnati-based company the largest company ever to face a proxy fight.
Nelson Peltz wants a seat on the board. He's with Trian Fund Management that owns more than $3 billion worth of P&G stock.
He says he doesn't want to break up the company, but he thinks if he's on the board he can help the company increase profits and change the company dynamics.
He told CNBC P&G has a culture where most employees have never worked anywhere else and said the company needs to be more open to outside ideas.
Fortune says P&G responded by saying it is confident that changes being made by the company are producing results and has expressed complete support for its strategy and management:
The fight will play out leading to the annual shareholder meeting this fall.