June 16 (Reuters) - Activist investor Nelson Peltz’s Trian Fund Management has filed a notice for a board seat at Procter & Gamble Co, CNBC reported on Friday, citing a source close to the matter.
Trian, which is the Tide and Gillette maker's fifth largest shareholder with a 1.44 percent stake, initially revealed its stake in the company in February, at a time P&G was undergoing a cost-cutting program and shedding brands to boost sluggish sales. (cnb.cx/2tv3OfZ)
Trian’s stake was seen as a move to increase pressure on the company to accelerate cost cuts as well as raised hopes for a breakup of the company, but as the investment fund has yet to publish a white paper, the firm’s exact plan remains unknown.
A spokeswoman for Trian declined to comment.
P&G spokesman Damon Jones said that he could not disclose any details on the company’s engagement with Trian, but that discussions with the activist fund were “ongoing and constructive”.
He also said that a proxy filing, to be filed late in summer, would contain all the disclosures.
According to the company’s proxy filing in 2016, an eligible shareholder wishing to nominate a candidate for election to the board at the 2017 annual meeting must provide such notice no earlier than May 14, 2017 and no later than June 13, 2017.
The company’s annual meeting is usually held in the month of October.
P&G’s shares were marginally down at $89.21 in morning trading. (Reporting by Siddharth Cavale in Bengaluru; Editing by Shounak Dasgupta)