Procter & Gamble Co. (PG) - Get Report late Friday, Dec. 15, moved to appoint activist investor Nelson Peltz to its board despite claims by the company's inspector of elections that the investor had lost the largest boardroom battle in the history
"We respect Nelson Peltz as a highly engaged shareowner and investor, and look forward to his contributions as a member of P&G's Board," said P&G CEO David Taylor in a statement. "We have had constructive discussions with Nelson and we are committed to working together for the best interests of all P&G shareholders."
According to a securities filing, P&G's inspector of elections, IVS, said in its final vote tabulation that Peltz received 972,766,372 votes, less than the 973,264,684 votes received by company director, Ernesto Zedillo, an ex president of Mexico.
The result brings to a conclusion a nearly year-long bruising battle between the iconic American packaged food company and the Trian Fund Management co-founder. The results also end what may have been a dragged out decision making process filled with recounts and courtroom battles.
P&G increased the size of its board from 11 to 13 directors to add Peltz and another nominee, Joseph Jimenez, CEO of Novartis. Both Peltz and Jimenez are set to join P&G's board on March 1.
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