"This [event] has been a rallying cry for inside the company to deliver outstanding, sustained top and bottom line results," P&G chairman and CEO David Taylor told TheStreet in an interview.
Peltz has pushed for a seat on the P&G board and proposed broad changes including a company restructuring into three global business units in a months-long proxy battle. Earlier this month, Peltz released a 93-page white paper outlining his argument against P&G's "insular" culture that has failed to acquire small-, mid-sized and local brands that could serve to boost P&G market share.
To be sure, the well-regarded Taylor has a completely different take on P&G.
Under Taylor's leadership, P&G closed on a $15 billion deal in late 2016 to slice off 40 under-performing beauty brands that subsequently merged with Coty (COTY) - Get Report . With the closing of the beauty divestiture, P&G completed its massive portfolio overhaul announced more than two years ago targeted toward cutting 100 non-core brands and with it, massive amounts of costs. Since then, Taylor has sought to inject faster decision-making into P&G that leads to more product innovation.
Taylor said innovation is alive and well at P&G, and claims that Peltz uses outdated information and tries to describe a company that may have existed five or ten years ago. Secondarily, says Taylor, is that Peltz characterizes innovation as only being new brands people never heard of before -- innovation for P&G tends to show up in improvements on existing products.
Taylor concedes though that there is pressure to acquire upstart consumer products brands, but notes most of the growth at P&G will come from innovation tied to internal brands.
"He has some ideas that would be negative for our company," Taylor said, explaining why Peltz wouldn't be the right fit for the board.
Trian Partners did not return an email request for comment. The outcome of the proxy battle will be known later today.
Does the result of Pelz's battle even matter?
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