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Nelson Peltz to step down from P&G board (Aug 5)

August 09, 2021 at 12:40 pm EDT

(In Aug. 5 story, corrects paragraph 3 to remove reference to Peltz's demand of P&G shifting its Cincinnati headquarters, and changes wording to "reorganisation" from "break-up")

(Reuters) - Procter & Gamble Co said on Thursday activist investor Nelson Peltz would step down from the company's board at the end of his term later this year.

The consumer goods giant appointed the founder of Trian Fund Management to its board in 2018, following a bitter months-long proxy fight - the biggest ever involving a U.S. company at the time.

During the fight, the hedge fund manager had advocated for a reorganisation of the company.

Trian has sold some of its stake in P&G since 2017.

"P&G has created tremendous value for all stakeholders since 2017," Peltz said in a statement on Thursday.

(Reporting by Uday Sampath in Bengaluru; Editing by Maju Samuel)

Nelson Peltz

Nelson Peltz (born June 24, 1942) is an American businessman and a founding partner, together with Peter W. May and Edward P. Garden, of Trian Fund Management. L.P., an alternative investment management fund, based in New York.

Early life and education
Peltz was born in 1942 to a Jewish family in Brooklyn, New York, He was enrolled at the undergraduate program at the Wharton School of the University of Pennsylvania, where he joined the Fraternity of Phi Gamma Delta, but never completed his degree. Triangle was sold to Pechiney in 1988.

In 1997, through an investment vehicle they controlled, Triarc Cos, Peltz and May acquired Snapple, from Quaker Oats. Snapple, together with other beverage brands was sold to Cadbury Schweppes in 2000. The Snapple turnaround was featured as a Harvard Business School case study.

In 2006 Trian was involved in a proxy contest with Heinz to get five independent directors on the board of Heinz. In the end Trian succeeded in getting two members on the board, including Peltz.

In 2007, Trian bought a 3% share of Cadbury-Schweppes which may have influenced the spin-off of Cadbury Schweppes Americas Beverages from the Cadbury Schweppes confectionery group. In 2007, Trian also bought $1.8 billion in shares of Kraft Foods, roughly a 3% of the total equity of the food maker.Cite news| url = |title= Peltz Has His Slic

Source @ Wikipedia

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Linked companies
Trian Partners General Partner LLC Trian Partners General Partner LLC Miscellaneous Commercial ServicesCommercial Services Trian Partners General Partner LLC provides business services related to hedge funding. The company is the general partner of Trian Onshore, Trian Offshore, and Trian Offshore (Non-ERISA). It is located in New York, NY.	Chief Executive Officer
Trian Fund Management LP Trian Fund Management LP Investment ManagersFinance Trian Fund Management LP (Trian) is an independent, SEC-registered investment advisor and hedge fund manager headquartered in New York City. The firm was founded by Nelson Peltz, Edward Garden and Peter May in 2005 and do-business-as Trian Partners. Trian provides discretionary investment advisory services to a variety of domestic and offshore private investment partnerships and other investment vehicles.	Chief Executive Officer

Linked companies