Billionaire Nelson Peltz wins recount for board seat at P&G

Nelson Peltz

Activist investor Nelson Peltz of Trian Fund Management won a recount vote for a board seat at Procter & Gamble.

Trian Fund Management, L.P., whose investment funds beneficially own approximately $3.5 billion of shares of The Procter & Gamble Company, announced that, according to the official preliminary voting tabulation by IVS Associates, Inc., the independent Inspector of Elections, P&G shareholders have elected Nelson Peltz to P&G's Board. Shareholders have voted, and they have indicated that they want Nelson Peltz to join the Board.

MORE: Who is the activist investor waging war against Procter & Gamble?

As a board member, Peltz aims to drive up share price for the makers of Tide, Crest and Charmin (to name a few.) One of his suggestions for P&G: Eliminate 90 percent of P&G corporate positions, most of which are located in Cincinnati.

After the preliminary results were released in October showing Peltz had been defeated, P&G CEO David Taylor said he was pleased but suggested he would welcome Peltz to the board if the recount yielded a different tally.


Trian identifies those "challenges" as shrinking market share, excessive bureaucracy and corporate costs and more.

The company said last month that Zedillo had won the seat by 6.15 million votes. Observers have called him an "activist investor".

Locally, P&G helps oversee a massive distribution operation in Union, recently taking over part of the services there from Impact Fulfillment Services.

As a partner to multiple external businesses, loss at P&G could wreak collateral damage to other jobs in Cincinnati. About 800 people were employed there when it opened. P&G also has a "beauty and innovation" center and campus in Mason.

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