CINCINNATI (AP) — 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.