Hedge fund chief Nelson Peltz loses his bid for Procter & Gamble board seat. He says they put their ego over shareholder interests. They fended him off the activist investor in an early vote.
He would have reorganized P&G into three business units – Beauty and grooming, fabric and home care and baby, feminine and family care. He wanted more oversight over the cost-savings plan to boost profits and growth. Peltz’s fund has a $3.5 billion stake in the consumer product company and he has been seeking a board seat.