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17 July 2017, 09:40 | Jan Cross
Getty Images Trader on the floor of the New York Stock Exchange
Trian Fund Management LP doesn't wage proxy fights often, but when it does, it goes big. Trian said it was disappointed by the rejection and advised those in attendance it would push ahead with a proxy fight.
"Trian believes that Mr. Peltz's significant expertise and long track record of working successfully with management teams and boards to turn around consumer companies and drive sustainable long-term shareholder value will be invaluable to P&G as it works to overcome its challenges", Trian added. Worth $222 billion, P&G is the largest company to ever face such a campaign. However, Trian did not call for a breakup of the company.
Trian Fund Management, which owns roughly $3.3bn shares in the $225bn behemoth maker of Crest toothpaste and Gillette razors, has put Nelson Peltz up for election as a director at the upcoming annual shareholder meeting.
"While P&G leadership says they are addressing the underperformance issue, shareholders have heard similar promises in the past and results have not improved", Trian said in the filing. Trian also claimed the company's market share had deteriorated as organic sales growth had decelerated and that it needed to take further action beyond selling off unprofitable brands. For the last two years, executives urged investors to be patient. The Trian Group believes that disruptive and existential threats are impacting the entire consumer packaged goods industry, including changes in technology and consumer behavior, and the Company must act with the greatest possible urgency to address the market share it is losing to both its peers and smaller local competitors, who are adapting to industry changes more effectively than P&G. Last week, P&G officially declined to give Peltz a seat on the board.
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