Procter & Gamble faces board seat fight from Trian Fund Management

Now what with P&G

Peltz is not seeking a breakup of the company or a new CEO - for now - but says it wants to shake up PG's "slow-moving and insular" culture, according to Trian's SEC filing.

This is also not the first time Procter & Gamble has faced activist pressure: The billionaire William A. Ackman pushed the board to oust chief executive Robert A. McDonald in 2013, forcing Mr. McDonald's predecessor, Alan G. Lafley, out of retirement and back as chief. Nor was it seeking to replace the company's chief executive of less than two years, David S. Taylor. But the focus is rally on P&G's cost cutting efforts, with Peltz arguing that the company failed to capitalize on its cost-cutting efforts over the past five years.

P&G said in a statement that it's maintained an active dialogue with Trian, but that it's sticking with its current strategy.

With a market capitalization of $223 billion, P&G would be the largest company to face a board seat proxy fight.

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On July 11, Peltz proposed he be given one seat on the board.

Trian says PG last week rejected its demand to name Peltz a director, which Deutsche Bank sees as "a sign that management is confident in its strategy and is unlikely to miss expectations over at least the next few months".

Analyst Kevin Grundy of Jeffries said in a client note that while P&G has taken "sensible" steps to boost shareholder value and there's no guarantee that Peltz will get a seat on P&G's board, "the perceived value of his presence may lead to greater/faster realization of cost savings and/or raise the execution bar at P&G". "The company must act with the greatest possible urgency to address the market share it is losing to both its peers and smaller local competitors, who are adapting to industry changes more effectively than P&G".

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