With Nelson Peltz on the Board, Will P&G Finally Break Up?

At the end of Procter & Gamble’s historic annual shareholders’ meeting in October, the climax of the biggest, most expensive proxy fight in corporate history, the two antagonists shook hands. “We’ll talk,” said CEO David Taylor, who thought he had won by a slim margin, though a careful count of paper ballots showed some five weeks later that he’d lost. To which activist investor Nelson Peltz replied, “We’ll talk, but we don’t listen!” (the “we” referring to P&G’s top leaders and directors). Taylor responded, “No, no, no, that’s not true.”

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