Thursday, June 15, 2017
Procter & Gamble is in "ongoing constructive, active" talks with Trian Fund Management about the future of its brands, P&G chief David Taylor told CNBC.
"We are willing to engage. We want to be better," said Taylor, who is president, CEO, and chairman of the P&G board. Taylor added that he is willing to take ideas from the hedge fund about how to improve its business as it does from other stakeholders.
Trian recently acquired a US$3.5-billion stake in the multinational consumer goods maker. In May, a filing with the Securities and Exchange Commission showed that the fund held 36.17 million P&G shares, six times that of the prior quarter.
P&G is making an effort to shave $10 billion in costs through productivity improvements and to focus on its core products, such as Gillette razors, and shed unprofitable brands. Taylor told CNBC the company is moving ahead on sharpening its focus on 10 categories, including its laundry care and shaving businesses, and empoweri