Sard Verbinnen & Co. is handling corporate activist Nelson Peltz’s proxy fight with Procter & Gamble Co.
Trian Fund Management, which scored for shareholders in raids of Mondelez International and H.J. Heinz, wants to put Pelz on P&G’s board.
The Wall Street Journal reported that TFM’s effort marks a new milestone for a shareholder-activism movement that has shaken up some of the biggest U.S. companies in recent years.
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TFM rapped P&G for disappointing results including weak total shareholder returns, deteriorating market share and excessive cost and bureaucracy.
It is confident that Pelz’s expertise and track record of working successfully with management “will be invaluable to P&G as it works to overcome its challenges."
The Cincinnati-based company said its board and management “are committed to enhancing value for all shareholders and will continue to take actions to achieve this objective.”
P&G is “actively executing its strategy to achieve balanced, sustainable long-term growth and value creation.”
The Pelz group and P&G have been discussing strategy for the past five months.
P&G knocked Trian for failing to offer any “new or actionable ideas to drive additional value for P&G shareholders beyond the continued successful execution of the strategic plan that is in place.”
SV&C’s George Sard heads the TFM team, joined by Margaret Popper and Kelsy Markovich.
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