Preliminary Result: P&G Board Challenge Fails

P&G headquarters in Cincinnati

Procter & Gamble Co. kept activist investor Nelson Peltz off its board Tuesday in the most expensive corporate election ever held in the U.S. Peltz's company, Trian Partners, has a $3.5 billion stake in Procter & Gamble, which has a market value of $230 billion. After the largest and most expensive proxy fight in US history, P&G said Tuesday a preliminary vote tally showed all 11 current directors had been re-elected, without disclosing the count. Trian Fund Management L.P. claimed an "overly complex organizational structure" stymied growth and discouraged innovation at the Cincinnati-based maker of Tide detergent, Pampers diapers, Gillette razors and Crest toothpaste. Preliminary results show shareholders have rejected Peltz's board bid.

Despite Peltz' apparent defeat, P&G CEO David Taylor said the company would continue to work with Peltz.

The vote count was said to be close going into Tuesday's meeting, with Peltz warning before the votes were collected that he's not going anywhere. "Win or lose the shareholders have spoken", he said. "Either way today's vote is a vote for bold change", Peltz said. Peltz and P&G traded accusations and lobbied shareholders to support their point of view. "I think you can do a lot better".

Peltz has called for P&G to reorganize into three business units: beauty, grooming and healthcare; fabric and home care and baby, feminine and family care.

Shares of P&G dropped after the news and were down 0.89 percent in afternoon trading.

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