Thursday, August 3, 2017
Procter & Gamble blasted Trion Fund Management’s efforts to seek a seat on the consumer goods conglomerate’s board.
Activist investor Trion has been pushing P&G to step-up cost-cutting measures and eliminate “suffocating bureaucracy.” But in a statement, P&G said that Trion, led by Nelson Pelz, was not entitled to a seat, had no “actionable ideas” that already hadn’t been implemented, and that Trion was being wrongly advised by people who were not in tune with the company’s operations.
Trion has amassed a 1.5 per cent stake in the company and launched the recent proxy battle after being denied a seat on P&G’s board. According to Reuters, P&G is the largest company to ever face a proxy battle.