The Procter & Gamble Company issued a letter to shareholders detailing the comprehensive ongoing transformation that is working to yield positive results for shareholders.
The Company outlines broad based actions in productivity and cost savings, brand and product portfolio restructuring, accelerating innovation and organization changes. These changes are delivering meaningful new businesses, e-commerce growth, leadership market shares, and leadership levels of total shareholder return.
The letter highlights that the Board and management recognized the need to transform and reposition P&G to meet the significant changes in the consumer, retail and marketing environment. As a result of this transformation:
- P&G is a profoundly different, much stronger, more profitable company than it was just a few years ago.
- P&G is on the road to meeting current and future consumer needs with products that exceed their expectations, and to delivering the business and financial results shareholders expect from P&G.
- P&G has the right team, the right Board, and the right strategy and plan in place to take the company to new heights.
P&G states that it does not believe adding Nelson Peltz to the Board is the right choice for the company. While Mr. Peltz is an accomplished investor, he does not fit the criteria established by the P&G Board through its rigorous governance process, nor does he have the skills the Board needs to continue to guide P&G for the future. P&G is on the right track and needs to stay focused to avoid derailing the progress underway.