NEW YORK (AP) – Shareholders are arriving at Procter & Gamble’s headquarters in Cincinnati, Ohio, where they will vote on whether to side with the company or activist investor Nelson Peltz, who is trying to capture a seat in the boardroom.
Peltz’s Trian Fund Management, which owns about $3.3 billion in company shares, says that the company has underperformed its peers for a decade.
But Procter & Gamble Co. says that since CEO David Taylor took over two years ago, the company is moving in the right direction and that giving Peltz a seat Tuesday will disrupt the work that Taylor is doing.
P&G shares are up more than 20 percent since Taylor became CEO. Trian says the stock is rising because of its investment and interest in change.