Finance

What Can An Activist Do For P&G?

What Can An Activist Do For P&G?

The board also rejected Trian's concerns Mr. Taylor wouldn't deliver on pledged cost cuts, arguing the fear was based on prior management. The consensus price target on the stock is $91.59.

Procter & Gamble's board may still be smarting from its last nick with activism. That's on top of the $10 billion the company says it already eliminated since 2012 - by cutting 24,000 jobs globally, shedding 14 factories and more than 100 brands to refocus on its most lucrative businesses. Organic sales growth, a closely watched metric that excludes acquisitions or divestments as well as currency swings, has been stuck between 1% and 3% in recent years, well below prerecession levels.

Procter & Gamble's revenue in the fiscal third quarter declined.

Mr. Peltz may not have all the answers to Procter & Gamble's troubles, but a fresh look on the board is warranted.

Those arguments didn't persuade P&G's board in private discussions. It didn't happen. It didn't happen because you replaced Gillette people with P&G people.

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"As one of P&G's largest shareholders, and given P&G's disappointing results over the past decade, Trian has a keen interest in helping the company address the challenges it is facing", Trian said in a statement.

Shareholders are frustrated with the direction of this "very slow-moving" company, said Ali Dibadj, an analyst at Sanford C. Bernstein & Co., who has an outperform rating on the shares. P.&G.is increasing its online presence and has fought back with price cuts, but its stock price has lagged competitors' and the Standard & Poor's 500 index in the a year ago, and - as Mr. Peltz points out - over the last decade. One of Trian's most recent high-profile campaigns was at DuPont, where the fund argued as early as 2013 that the company should be broken up to realize shareholder value.

Trian Partners told shareholders it does not want the company to reduce pension benefits, research and development, marketing expenses or capital investments.

An activist investor that is looking to shake up American consumer goods giant Procter & Gamble has moved to put its chief executive on the board to influence what it sees as a much-needed turnaround.

-Sharon Terlep contributed to this article.


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