Procter & Gamble has announced that Nelson Peltz, CEO and founding partner of Trian Fund Management, L.P., will retire from the company’s board of directors when his term expires.
Peltz has informed the group that he will not stand for re-election as a director at the 2021 annual shareholders meeting.
Commenting on his departure, Procter & Gamble board chairman, president, and chief executive officer, David S Taylor, said, "From day one, Nelson [Peltz] has been a focused, collaborative member of P&G’s Board.
"Peltz 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."
"I’m grateful for his service and the collaborative partnership we’ve developed over the past few years and wish Nelson [Peltz] and the Trian team the best in future endeavours,” he added.
Last week, the FMCG giant beat quarterly sales estimates, driven by higher demand for its skin and health care products, but warned that rising commodity and freight costs would take a nearly $2 billion bite out of its earnings this year.
A member of the board since 2018, Peltz has served on the board's governance and public responsibility and innovation and 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 organisation 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 [Taylor] passes the baton to Jon Moeller," Peltz added.