P&G Responds To Latest Peltz Letter

(RTTNews) - Procter & Gamble (PG) has issued a statement in response to Nelson Peltz's Trian Partners, which is attempting to win a shareholder vote to get Peltz on the board.

In the letter, P&G defended its performance over the last few years and argued that the reorganization that it has undertaken recently is showing results. The company accused Trian of using unrealistic timeframes and offering "no new, actionable ideas."

"P&G is a fundamentally different company than we were a decade ago," the company said in its letter, adding that since its new CEO took over in late 2015, it has made several steps forward. These include "a $10 billion productivity program, elimination of more than 100 brands from our portfolio and renewed focus on growth through 10 categories that play to our strengths."

The company also claimed that Trian has in the past approved of its current plan, noting that Peltz and company are instead "criticizing P&G by using timeframes that do not reflect the significant value creation the company's transformation has started to deliver."

Peltz' Trian owns about $3.5 billion of shares of Procter & Gamble stock. Earlier in the day, the famed activist investor released a letter to shareholders putting forward his case to be elected to the company's board.