The Procter & Gamble Company announced that Nelson Peltz, Chief Executive Officer and a Founding Partner of Trian Fund Management, L.P., has informed the Company that he has decided not to stand for re-election as a director at the 2021 Annual Meeting of Shareholders.
He will retire from the Company’s Board of Directors when his term expires at the Company’s upcoming 2021 Annual Meeting of Shareholders. A member of the Board since 2018, Mr. Peltz has served on the Governance & Public Responsibility and Innovation & Technology Committees.
“P&G has created tremendous value for all stakeholders since 2017,” said Peltz. “As a large shareholder of Procter & Gamble, Trian remains highly confident in P&G’s continued success given its focused strategies, disciplined execution, accountability-driven organization structure and an extremely strong management team. Under David Taylor’s leadership and the stewardship of the P&G Board, Trian believes the company is well positioned for continued, future success as David passes the baton to Jon Moeller.”
“From day one, Nelson has been a focused, collaborative member of P&G’s Board. Working in concert, Nelson and the Board have constructively provided perspective and expertise to help me and P&G’s senior leaders navigate a challenging external environment and maintain long-term competitive advantage for the benefit of many stakeholders,” said David S. Taylor, Chairman of the Board, President and Chief Executive Officer. “I’m grateful for his service and the collaborative partnership we’ve developed over the past few years and wish Nelson and the Trian team the best in future endeavors.”