Procter & Gamble says Nelson Peltz has lost bid for board seat; he disagrees

NEW YORK: Procter & Gamble Co declared victory in a bid to keep billionaire investor Nelson Peltz off its board, even as the activist’s hedge fund said the vote is still too close to call. The world’s largest consumer-products company said all 11 of its directors were elected, based on preliminary results.

Minutes later, Peltz’s Trian Fund Management said the outcome will take more time and that it was awaiting certification by an independent inspector.

For P&G, the biggest company ever targeted by an activist in a proxy fight, the result is a vindication of its claim that it’s already tackling the shortcomings called out by Peltz. The investor argued that P&G suffered from a bloated structure and a lack of new brands favoured by younger shoppers.

While he hasn’t called for the replacement of CEO David Taylor or a breakup of the company, Peltz, 75, did suggest reorganising the maker of Tide and Pampers into three largely autonomous units.