Procter & Gamble is adding Nelson Peltz to its board of directors, ending a proxy battle with the activist investor who has been seeking to shake up the consumer products giant.
The announcement came after Peltz last month claimed to have won a shareholder vote to add him to the board, beating out incumbent director former Mexican President Ernesto Zedillo by a fraction of a percent. The company claimed, however, that the vote was too close to call.
On Friday, Cincinnati-based Procter & Gamble Co. said Zedillo and 10 others were re-elected. But it said that because Peltz had garnered so much shareholder support, he will be given a seat on the board starting March 1. Joseph Jimenez, the CEO of pharmaceutical company Novartis, was also added to the board.
Peltz's Trian Fund Management owns about $3.5 billion in P&G shares and has urged the maker of products like Pampers diapers, Tide detergent and Crest toothpaste to streamline its corporate structure and cut costs.
Procter & Gamble said it had "numerous discussions" with Peltz about the board seat leading up to Friday's announcement. It said they agreed the company should not to take on excessive debt, slash research and development spending or be broken up.
Pro-Palestinian protesters disrupt opening night of Toronto Film Festival
Pro-Palestinian protesters disrupted an opening night screening at the Toronto International Film Festival, chanting "Stop the genocide!" during opening remarks.
At the screening for the David Gordon Green comedy "Nutcrackers" on Thursday evening, four protesters walked down the center aisle of the Princess of Wales Theatre, carrying signs and flashlights while shouting criticism of festival sponsor Royal Bank of Canada. "Cut ties with RBC," they yelled.
Cameron Bailey, festival director, was speaking at the podium on stage when the protest began. He tried to maintain order, urging the protestors, "We are here to start the festival." Numerous crowd members booed the protesters.
The protest lasted for a handful of minutes before the demonstrators were ushered out by security. Several attendees posted videos online of the episode.
Representatives for the festival didn't respond to requests for comment.
In a statement, RBC said: "We respect the right of individuals to make their voices heard, but it's unfortunate to see activist groups attempting to co-opt this important cultural event. Protestors targeting corporate sponsors are shifting attention from the work of artists and weakening support for essential arts and cultural programs."
The bank added: "The humanitarian crisis in Israel and Gaza continues to have a devastating impact and we feel deeply for everyone who is affected."
At last year's TIFF, a campaign called RBC Off Screen also protested the festival sponsor. An open letter to TIFF urged the festival to reconsider its relationship with RBC. Signees included Mark Ruffalo, Rachel McAdams and Joaquin Phoenix. They criticized the bank's funding of the oil and gas industry.
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