CINCINNATI, OH (FOX19) - Activist investor Nelson Peltz has claimed victory in a boardroom fight with Procter & Gamble - a feat that could pose ramifications for the 10,000 P&G workers in the greater Cincinnati area.
Peltz lost a proxy vote in October, but he did't not concede, claiming the vote was too close to call. On Wednesday, an independent vote count indicated he actually won election to the board of directors.
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.
As a partner to multiple external businesses, loss at P&G could wreak collateral damage to other jobs in Cincinnati.
"For every P&G job lost, three or four other jobs could be impacted by this in our area when you look at all of the other industries and businesses that have grown up around here," said Amy Wagner, consumer reporter with Simply Money.
An exodus of high paying jobs could potentially impact property values in the area.
"When you have all these jobs that could be leaving our area, you have homes going on the market and it means the market gets flooded and your home value could potentially lose a lot of value in a pretty quick amount of time," Wagner said.
The company's goal was to keep Peltz off its board, claiming he has no new ideas and would negatively impact the long-term health of P&G.
P&G released a statement that said Peltz is leading Ernesto Zedillo in the Director vote by a margin of .0016 percent of shares -- about 42,780 shares. The results are still preliminary and are subject to a review and challenge period during which both parties will have the opportunity to review the results for any discrepancies, according to P&G.