The Procter & Gamble Company (NYSE: PG) today announced that, based on a preliminary vote count provided by its proxy solicitors following the Company’s 2017 Annual Meeting of Shareholders, shareholders have voted to elect all 11 of P&G’s highly qualified Directors to the P&G Board: Francis S. Blake, Angela F. Braly, Amy L. Chang, Kenneth I. Chenault, Scott D. Cook, Terry J. Lundgren, W. James McNerney, David S. Taylor, Margaret C. Whitman, Patricia A. Woertz, and Ernest Zedillo. Nelson Peltz of Trian was not elected to the Board.
P&G’s Board and management team thank P&G shareholders for their support, input and participation throughout the proxy contest. We are encouraged that shareholders recognize P&G is a profoundly different, much stronger, more profitable Company than just a few years ago. The changes the Company has made are broad based and delivering results. We look forward to continuing our transformation journey. We are committed to meeting the needs of consumers with our brands and products, and to creating value for P&G shareholders.
The results of the vote announced today are considered preliminary until final results are tabulated and certified by the independent Inspector of Elections. Final results will be reported on a Form 8-K that will be filed with the U.S. Securities and Exchange Commission, at which time they will become available on www.pginvestor.com/ and www.sec.gov.
When will we see the final vote tally?
The results of the Annual Meeting with be filed with the SEC following the tabulation and certification of votes by the independent inspector of elections, which is expected in several weeks.
Which shareholders supported Nelson Peltz?
Shareholder voting information is confidential unless made public by the shareholder itself.
Mr. Taylor has done remarkable streamlining. I think that there's much more of a Jack Welch feel there now.
— Jim Cramer, CNBC
In light of the vast array of actions the firm is undertaking, we fail to see a major impetus behind Peltz’s approach and little to suggest that his oversight would accelerate change.
— Erin Lash, Analyst, Morningstar
F4Q17 results help fuel P&G’s case that it is in fact making progress on its articulated turnaround plan or stated more simply, it is not standing still.
— Lauren Lieberman, Analyst, Barclays
What I think he’s [Nelson Peltz] after? If there weren’t lawyers here watching, I’d say we’re looking at a 75 soon to be 76 year old looking for one more final fling. This is not something that is needed, this is a man who’s already on five Boards if you count his own Trian, he’s on four major Boards, that should be a distraction.
— Jeffrey Sonnenfeld, Yale School of Management
P&G's management has a credible plan in place to address years of underperformance and share losses, and is executing against it with a prudent sense of urgency.
— Stephen Powers, Analyst, UBS
Strategy is clear, focus very evident: With structural changes in place and incentives appropriately aligned locally, P&G sounds increasingly confident in its ability to more consistently deliver balanced top / bottom line growth.
— Kevin Grundy, Analyst, Jefferies
We believe David Taylor, now CEO for nearly two years, has already made the right moves to accelerate growth, including an organizational overhaul to shift decision-making closer to the consumer and tying employee pay to controllable successes.
— Caroline Levy, Analyst, Macquarie Capital (USA) Inc.
P&G’s management and its board already have a plan to accelerate sales, profits and shareholder returns. It’s not a secret. They’ve laid it out in public for Wall Street and anyone else to hear.
— WCPO Editorial Board, WCPO Cincinnati
Almost all of his assertions are either unsubstantiated or, I would argue, just plain wrong.
— Former P&G Chairman & CEO A.G. Lafley comments on Trian
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We are implementing significant productivity improvements to fuel growth and substantially simplify our organization. We are on the right track and returning value to shareholders. Read more about our progress and our winning plans in the sections below.
Our fiscal 2017 results demonstrate that the actions we have taken and the plan we have in place are working. Since the CEO transition on November 1, 2015, our team has delivered total shareholder return (“TSR”) that outperformed the S&P 500 and is well above the vast majority of peers throughout that same time period. Now is the time to build on our momentum and prevent anything from derailing the work that is delivering improvement.
*Market data as of September 6, 2017. P&G Peers include Beiersdorf, Church & Dwight, Clorox, Colgate-Palmolive, Edgewell Personal Care, Henkel, Kimberly-Clark, L’Oréal, Reckitt Benckiser, Unilever.
The TSR for “Peltz Serving on Board” is a weighted average based on the market capitalization of Madison Square Garden, Mondelez, Sysco and Wendy’s. “S&P Consumer Staples Index” and “S&P 500 Index” represent the TSR of indices maintained by Standard & Poor’s, that are weighted based on the market capitalization of the index constituents. The TSR for “P&G Peers” is a simple average, which follows the same methodology utilized by Trian in its measurement of the same peer constituency in its presentation filed with the SEC on July 17, 2017.
David Taylor, P&G Chairman, President & Chief Executive Officer