Investor response to William Ackman revealing his stake in Procter & Gamble Co. was rather tepid.

This story first appeared in the July 20, 2012 issue of WWD.  Subscribe Today.

Shares of P&G closed up 0.15 percent to $64.92 on Thursday, following news on Wednesday that Ackman’s Pershing Square Capital Management took a $1.8 billion stake in the consumer products giant. Pershing’s interest in P&G was revealed last week when the Federal Trade Commission gave Pershing, the $10.5 billion hedge fund, clearance to take a large stake in the company.

That prompted many Wall Street analysts to speculate that the activist investor could push to replace P&G’s chief executive officer Bob McDonald as the company continues to lose share and traction in developed markets. P&G responded to chatter about a leadership change on Wednesday by declaring in a U.S. Securities and Exchange Commission filing that it was standing by McDonald and his plan for the company. The statement also said the board was “monitoring” the plan’s effectiveness.