P&G declares victory in Peltz’s bid for board seat

The now iconic photo from DuPont Co. of Kullman and Peltz greeting one another.

Nelson Peltz may be 0 for 2 in efforts to gain a board seat on a blue chip company.

CNBC and other media outlets reported that Procter & Gamble stated that Peltz lost his bid for a board seat at the consumer products giant whose brands include Gillette razors and Tide detergent.

Peltz questioned whether he lost and added that even he did, he should still be added to the board.

In 2015, Peltz lost a bid to place his slate of candidates for board seats at DuPont.


Then CEO Ellen Kullman was successful in electing her slate of board candidates, with one of those individuals, Ed Breen later becoming CEO. Kullman was apparently forced out over the disappointing performance of the company.

Breen went on to agree to a merger with Dow and a planned split into three separate companies. Peltz has gone along with the plan as he sold off some of his DuPont holdings.

Taking a page from his DuPont strategy, Peltz issued a white paper claiming that the expertise of his investment arm, Trian Partners, would improve the performance of P&G.

In both the case of DuPont and P&G, Peltz suggested streamlining management and trimming costs.

P&G has been in the midst of a restructuring that included getting out of cosmetics business so it can focus on its core brands.

One of those brands, Gillette, has been hit by competition from lower-priced razors that are often sold online. The bureaucracy of P&G has been blamed for the company not responding quickly enough to competition.

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