Procter & Gamble Co. doesn't see its review of a recent investor vote allowing activist investor Nelson Peltz onto its board by a fraction of a percent being as a formal "challenge."The beauty and personal-care company said it simply "has not launched a challenge" to preliminary proxy vote results counted by IVS Associates Inc. showing Peltz of hedge fund Trian Capital Management won by 0.0016 percent margin a board seat held by Ernesto Zedillo.Zedillo is a former president of Mexico and currently an economics professor at Yale. He's been a P&G director since 2001.Shares of the company ticked down 0.6 percent during morning trading to $88.18, generally in line with prices for the month so far.P&G said the vote is "going through a customary review to ensure a final and accurate count," adding that this is "part of the normal process" and not an official challenge of the results.A formal challenge of a proxy vote, colloquially dubbed the "snake pit," generally entails a set of contested votes being identified and a subsequent investigation of each.Earlier on Wednesday, Trian called out P&G for deciding to "review and challenge" the vote results. It added that P&G should "reconsider its decision" and seat Peltz "immediately."
"The inspector’s report was the first independent tabulation of all proxies and ballots submitted to the inspector by both P&G and Trian, and it was released only after the inspector completed a careful five-week process," Trian added. "Based on that tabulation, shareholders have sent a strong message to P&G: They want Nelson Peltz to join the board."
Beyond that, Trian said "shareholders should be concerned that P&G has opted to waste further time and shareholder money" on a challenge of the results. The fund estimates that the months-long proxy battle has cost P&G around $100 million.When Peltz began pushing for a board seat earlier this year, holding $3.3 billion in P&G stock, he accused the company of underperforming over the last decade and said his goal as a board member would be "increasing sales and profits and regaining lost market share."P&G noted at the time that Trian and Peltz offered no "new or actionable ideas to drive value for P&G shareholders beyond the continued successful execution of the strategic plan that is in place."That plan has seen the company divest more than 100 brands over the last two years and shrink its entire product portfolio to 10 categories from 16, with the overall goal of $10 billion in cost reductions. Those reductions are to be reinvested in improved product formulations and packaging, sales coverage and media programs, product sampling and in-store and online demand creation.For More, See:
There'll be no rest for those headed to Europe for men's, as Paris just closed the gap with Milan. According to a provisional calendar released by the Chambre Syndicale, Paris Men's Week will now open a day earlier on January 16. See new highlights on the official lineup on WWD.com. #wwdnews #wwdfashion (📷: @kukukuba)
BREAKING: Jonathan Saunders is leaving @DVF. The designer has resigned from his position as chief creative officer of Diane von Furstenberg, the company said in a statement on Friday. At the time of his hire, von Furstenberg said Saunders’ arrival symbolized and facilitated her stepping back from the day-to-day duties that occupy the work of a full-time creative director. The British designer joined DVF in May 2016 and was in charge of all product categories. #wwdnews
For @versace_official’s spring ad campaign, the brand emphasized the archival prints from the spring tribute collection dedicated to the late Gianni Versace. Closing out the show were five of Gianni’s favorite models: Cindy, Naomi, Carla, Helena, and Claudia. Bowing on December 18, the new campaign is yet another tribute to supermodel-dom as the images by Steven Meisel are fronted by @iamnaomicampbell, @cturlington, @gisele and more. #wwdfashion
Four-time Oscar-nominated actress Annette Bening has been waiting 20 years to play Gloria Graham in "Film Stars Don't Die in Liverpool," which will be released on December 29. The movie about Graham – a Hollywood star known for her controversial relationship with a younger Englishman named Peter Turner – is based off a memoir Turned wrote. "She felt vulnerable to him, because she loved him, she really did love him. And anyone that we really truly are in love with, we re vulnerable to in a very deep way," said Bening. Read our full interview with the modern icon of an actress on WWD.com. #wwdeye (📷: @ninebagatelles; Styled by @cristinaehrlich)
The crisp white button down: a staple that can be dressed up or down and accessorized throughout the decades. Here, on a Art Basel-goer in 2017 on the left and on the iconic Audrey Hepburn in “Roman Holiday” in 1953 on the right. #tbt #wwdfashion (📷: Andrew Morales)
Known for her work with @victoriassecret, 25-year-old model @georgiafowler is raising her profile in Hollywood. Fowler stars in @vincecamuto’s holiday campaign, which launched in partnership with “Pitch Perfect 3.” “Almost every shoot with Vince Camuto, I’ve had to face a fear…It was definitely a challenge. I’m so grateful for it, though. I’ve always wanted to be a pop star, so that was the perfect chance,” Fowler said. Head to WWD.com to read about Fowler’s experience modeling, including at the #VSFashionShow, and her relationship with Nick Jonas. #wwdeye (📷: @jilliansollazzo)
EXCLUSIVE: Huda Kattan just became the first beauty influencer to land a major beauty deal. Kattan's business, @hudabeauty, has received a minority investment from private equity firm TSG Consumer Partners. The brand, which industry sources say is on track to do $200 million in retail sales for 2017, will receive support on product, retail and geographic expansion through the deal. Get all the details on the deal and read @_a_collins' interview with Kattan on WWD.com. Link in bio. (📷: @jgreenery) #wwdbeauty #wwdnews
Peruvian model @juanaburga_official – who is known for walking the runways of @rodarte, @viviennewestwood and @torybuch – is making the move to the big screen with drama “Los Últimos.” The film premiered in Argentina in November and arrives in the U.S. and Europe in 2018. On making the switch from modeling to acting, Burga told WWD: “It’s a completely different thing – a lot of people think it’s similar or try to connect things, especially like getting used to the camera or being looked at all the time or playing these different characrers, but film is a completely different story.” #wwdeye (📷: @jgreenery)
London’s newly opened @designmuseum will look back on the life and work of Azzedine Alaïa in a show that the designer helped to curate before he died of heart failure last month. The retrospective, which Alaïa had worked on with Mark Wilson, chief curator of the @groningermuseum, will look at the impact of his work worldwide. The show, “Azzedine Alaïa: The Couturier,” will run from May 10 to October 7. Read more about the exhibit on WWD.com #wwdnews #wwdfashion (📷: @zefashioninsider)