P&G has announced today that it has appointed Nelson Peltz, CEO and founding partner of Trian Fund Management, L.P., to its Board of Directors.
Peltz’ appointment follows a lengthy period of uncertainty, which included a proxy vote, and several counts.
However, Peltz emerged triumphant in November after an official preliminary voting tabulation by IVS Associates, the independent Inspector of Elections, confirmed that P&G shareholders had elected Peltz to P&G’s Board.
Peltz started his career in 1963 when he joined his family food business and is now currently Director of Mondelēz International, Inc., Sysco Corporation and The Madison Square Garden Company.
He also serves as the non-executive Chairman of The Wendy’s Company and previously served as a director of H. J. Heinz Company.
David S. Taylor, P&G’s Chairman, President and Chief Executive Officer, said: “We respect Nelson Peltz as a highly engaged share-owner and investor, and look forward to his contributions as a member of P&G’s Board.
“We have had constructive discussions with Nelson and we are committed to working together for the best interests of all P&G shareholders.”
Peltz added: “P&G is a great company with tremendous potential.
“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.”
Lead Director Jim McNerney also added: “Peltz has more than 40 years of business and investment experience, and we welcome his input and the additional perspective he will bring to the boardroom.”
Peltz will begin in his role on 1 March.
