Procter & Gamble announced Friday which the idea will add Nelson Peltz to its board of directors, effective March 1.
Peltz, an activist investor, took on P&G over the summer, seeking a board seat after the company rejected his request to be added to the board. The company said in a statement which the idea is actually adding the activist investor even though he did not win enough votes. Between Ernesto Zedillo as well as Peltz, P&G said the manager of Trian Partners received almost 50 percent of votes under the certified count.
P&G said the idea has had constructive conversations with Peltz about a board seat as well as “strategic choices to transform P&G as well as deliver better results.”
The company said both sides agreed which P&G is actually “NOT predisposed to taking on excessive leverage, or substantially reducing R&D spending, or advocating for a break-up of the Company, or moving the Company out of Cincinnati.”
Shares of P&G were 0.75 percent higher in after-hours trade.
—CNBC’s Liz Moyer contributed to This kind of report.