Activist investor Nelson Peltz finally gained a spot on Procter & Gamble’s board — and he didn’t even need to win a majority of the votes.
After more than two months of wrangling and vote-counting, the Pampers maker said Friday that although shareholders re-elected all of P&G’s nominees, Peltz will be joining the board in March.
Peltz’s Trian Partners has a $3.5 billion stake in P&G. In July, the $17 billion hedge fund announced its intention to get on the board to chip away at the Cincinnati company’s “insular” culture.
The vote was close for the consumer packaged goods giant, which has more than 2 billion shares.
The certified tally released Friday showed Peltz was fewer than 500,000 shares shy of earning the spot. An earlier count said he won by 42,780 shares.
“Shareholders indicated that P&G needs to move faster to deliver improved results,” CEO David Taylor wrote in a letter to shareholders.
Peltz said he was “looking forward” to working with Taylor and the board.
“P&G is a great company with tremendous potential,” he said. Also joining Peltz on the board is Novartis CEO Joseph Jimenez.


