Surprise Update: Activist Nelson Peltz Elected to P&G Board
In a surprising election upset, activist investor Nelson Peltz appears to have won a seat on the Procter and Gamble (P&G) board of directors. The Ohio-based consumer products company initially reported Peltz’s firm, Trian Fund Management, lost the proxy contest following the annual shareholder meeting on October 10.
An independent election inspector, IVS Associates, completed its vote tabulation several weeks after the meeting and reported that contrary to the initial tally, Peltz received more votes than incumbent director Ernesto Zedillo. Peltz’s victory came with a slim margin of 42,780 shares or 0.0016% of the 2.7 billion diluted shares outstanding. The results have not been confirmed and both sides may take the opportunity to take a last look at the ballots for any discrepancies.