Procter & Gamble Names Nelson Peltz To Board

(RTTNews) - Procter & Gamble Company (PG) announced that it has appointed Nelson Peltz, Chief Executive Officer and a founding partner of Trian Fund Management, L.P., to its Board of Directors, effective March 1, 2018.

The company has also committed to re-nominate Peltz to the Board as part of the Company's slate of nominees for the 2018 Annual Meeting of Shareholders.

Further, the company appointed Joseph Jimenez, Chief Executive Officer of Novartis AG, to its Board of Directors, effective March 1, 2018.

In a letter to shareholders Friday,the company said that shareholders have elected all 11 of P&G's highly qualified Directors to the Board: Francis Blake, Angela Braly, Amy Chang, Kenneth Chenault, Scott Cook, Terry Lundgren, W. James McNerney, David Taylor, Margaret Whitman, Patricia Woertz, and Ernesto Zedillo.

Under this certified count, the company noted that the results between Ernesto Zedillo and Nelson Peltz were extremely close, with Peltz receiving almost 50% of shares voted.

Because the election results were so close, and because a large number of shareholders voted for Nelson Peltz to be a Director, the Board has engaged in numerous discussions with Peltz regarding a Board seat. That has included constructive engagements to get more closely aligned on strategic choices to transform P&G and deliver better results.

The company said both sides agreed that P&G is "NOT predisposed to taking on excessive leverage, or substantially reducing R&D spending, or advocating for a break-up of the Company, or moving the Company out of Cincinnati."

"We have committed to work together with Mr. Peltz for the best interests of all shareholders," P&G wrote in the letter.

"P&G is a great company with tremendous potential," said Nelson Peltz. "I am looking forward to working closely with David Taylor and the Board toward our shared goals of driving market share growth and improved margins to create more value for all P&G shareholders."