Peltz Wins P&G Board Seat in Recount By Slimmest of Margins
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In a move reminiscent of the hanging chads of Florida, Nelson Peltz appears to have won a recount by 43,000 votes, according to a report by CNBC, which would give him a victory in a bitterly contested board seat at Procter & Gamble Co., the world’s biggest marketing spender.
Peltz’s Trian Partners confirmed the report in a statement. P&G in a statement said the recount by IVS Associates had Peltz leading former Mexican president Ernesto Zedillo for the final board seat by 0.0016% or 43,000 votes. Those resulst are “preliminary” and subject to a “review and challenge period,” P&G said.
The move has no immediate effect on the company’s direction but deals a significant defeat to a management team that did everything it could to stop Peltz, who runs the Trian Partners hedge fund. He’s only one vote on a board that opposed him.
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