CINCINNATI, OH (FOX19) - The Procter & Gamble Company has appointed Nelson Peltz to its Board of Directors, effective March 1, 2018.
The Company has also committed to re-nominate Mr. Peltz to the Board as part of the Company's slate of nominees for the 2018 Annual Meeting of Shareholders.
Peltz has been Chief Executive Officer of Trian Fund Management, L.P. since it was founded in November 2005. Peltz also serves as the non-executive Chairman of The Wendy's Company. He is currently a director of Mondelez International, Inc., Sysco Corporation, and The Madison Square Garden Company, and has previously served as a director of H. J. Heinz Company, Legg Mason, Inc., and Ingersoll-Rand plc.
"P&G is a great company with tremendous potential," said Peltz. "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."
Peltz has, in the past, suggested he would boost stock prices by scaling back some operations. He has proposed eliminating 90 percent of P&G corporate positions, most of which are located in Cincinnati.
Why does this matter?
- A Cincinnati Regional Economic Development Initiative study says one P&G job brings with it three supplemental jobs. That ranges from teachers to healthcare workers and so on.
- Also, losing thousands of jobs and taxpayers simultaneously could flood the housing market, meaning lower property values.
- Finally, a loss in taxpayers would mean a lower demand for lifestyle and cultural activities such as the arts.