P&G Board Urges Shareholders To Vote Against Nelson Peltz, Says He Is Seeking To Advance Own Agenda

Consumer goods giant Procter & Gamble Co. on Monday urged shareholders to vote for its line-up of directors at its coming annual shareholder meeting, and said activist shareholder Nelson Peltz is seeking a board seat to advance his own agenda. "You are being asked to choose between a Board and management team that are successfully executing a proven plan to build a better and more valuable company and Mr. Peltz, who has not offered any new, actionable ideas to deliver value beyond the plan that we already have in place," the company said in a letter to shareholders. The company's annual shareholder meeting is scheduled for Oct. 10. The company said its current strategy is working in delivering growth and shareholder value. "We believe Mr. Peltz initiated the proxy contest to satisfy his own agenda and to meet the expectations of his limited partners," said the letter. "What's best for P&G right now is balance and focus, with the Board and employees continuing a steady commitment to a plan that is working. P&G will not benefit from change for the sake of change." Shares were slightly higher premarket, and have gained 8.6% in 2017, while the Dow Jones Industrial Average has gained 10.6% and the S&P 500 has gained 9%.