It looks like Nelson Peltz could be joining the Procter & Gamble board after all.
After a months-long proxy fight, independent inspector of elections IVS Associates Inc. has found Peltz has enough votes to join the P&G board, according to preliminary voting tabulation. The results are preliminary and subject to review — directly following the vote, P&G said it did not appear Peltz had enough votes to join the board.
P&G issued a statement that said the results showed Peltz was ahead of board member Ernesto Zedillo by 0.0016 percent.
Trian issued a statement Wednesday: “Trian greatly appreciates the support we have received, and we are gratified that the independent inspector’s tabulation shows that shareholders have elected Nelson Peltz to the P&G Board of Directors. The inspector’s report represents an independent, careful tabulation of all proxies and ballots submitted to the inspector by both P&G and Trian. Trian strongly urges P&G to accept the inspector’s tabulation and not waste further time and shareholder money contesting the outcome of the annual meeting. Shareholders have voted, and they have indicated that they want Nelson Peltz to join the board. Nelson Peltz looks forward to working collaboratively in the boardroom with the other members of the board and management team to revitalize P&G. Trian believes Nelson Peltz’s extensive experience and track record of improving performance at consumer companies will bring significant value to the P&G Board and help create the right environment for generating breakthrough ideas. Working together with management and the board, he will help address the challenges P&G is facing. Trian believes strongly in P&G’s potential and our goal is to see it once again grow market share and deliver sustainable long-term value for the benefit of all stakeholders. Nelson Peltz will be a strong voice for shareholders in the boardroom, and we are confident it will lead to a brighter future for P&G.”