THE WHAT? Procter & Gamble has announced that Nelson Peltz CEO and Founding Partner of Trian Fund Management, has notified the company of his decision not to stand for re-election as a director at the 2021 Annual Meeting of Shareholders and retire from the Board of Directors at the end of his term.
THE DETAILS Peltz is best known for his role as an activist shareholder, with Trian launching a proxy fight to nominate him to the P&G Board in 2017.
“From day one, Nelson has been a focused, collaborative member of P&G’s Board. Working in concert, Nelson and the Board have constructively provided perspective and expertise to help me and P&G’s senior leaders navigate a challenging external environment and maintain long-term competitive advantage for the benefit of many stakeholders,” said David S. Taylor, Chairman of the Board, President and Chief Executive Officer. “I’m grateful for his service and the collaborative partnership we’ve developed over the past few years and wish Nelson and the Trian team the best in future endeavors.”
THE WHY? Peltz commented, “As a large shareholder of Procter & Gamble, Trian remains highly confident in P&G’s continued success given its focused strategies, disciplined execution, accountability-driven organization structure and an extremely strong management team. Under David Taylor’s leadership and the stewardship of the P&G Board, Trian believes the company is well positioned for continued, future success as David passes the baton to Jon Moeller.”