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.



Latest news

PM meets with Indian and Chinese leaders at ASEAN summit
The 16 RCEP countries represent more than 3.5 billion people and about 40 percent of global GDP. Prime Minister Narendra Modi also arrived there and shook hands with President Duterte here.

Mazda6 Gets New Turbo 2.5-Liter Engine
It will mark the third incremental batch of changes made to the Mazda6 since the last full refresh in 2012. That engine option isn't yet confirmed for Australia though, we will keep you updated.

Jason Momoa Says Aquaman And Superman "Crossed Paths" In Man Of Steel
Wasting time". 'I think I was pretty reckless and definitely a bit out of control. Simmons as Commissioner Gordon and Willem Dafoe an Atlantean, Nuidis Vulko.

Trump Declares Trade 'Rules Have Changed' as Asia Trip Concludes
The former reality TV star had initially planned to skip the summit, then backtracked after criticism it could be seen as a snub. Government officials estimate that well over 3,000 people, mostly drug users and dealers, have died in the ongoing crackdown.

Da Vinci's 'Salvator Mundi' painting sells for record $450m
Like that work, now a prized possession of the Louvre in Paris, Salvator Mundi seems destined to remain outside Italy. It's the only painting by Leonardo in a private collection, according to Christie's auction house.

Other news