NEW YORK (AP) — Activist investor Nelson Peltz is attempting to secure a seat on the board at Procter & Gamble, seeking faster changes at the consumer products company.
Peltz’s Trian Fund Management LP, which owns about $3.3 billion worth of shares at Procter & Gamble, said Monday that it’s interested in helping Procter & Gamble improve its performance, saying that its financial performance over the last 10 years has been disappointing.
David Taylor was named CEO of the company two years ago and P&G under his lead has attempted to transform the company, focusing on its bigger brands with growth potential. The company has already shed some of the smaller brands it says collectively contribute little to its operating profit.
But that has hurt sales, which have declined over the past three years, and the company’s share price.
Shares of P&G are up less than 4 percent this year. Shares of rival Johnson & Johnson are up 15 percent in the same period, Colgate-Palmolive Co. is up 11 percent and Kimberly-Clark Corp. is up 9 percent.
Trian said that it’s not looking to break up P&G, replace Taylor or remove other board members.
The Procter & Gamble Co., based in Cincinnati, said in a release that it’s maintained an active dialogue with Trian, but that it’s sticking with strategy.