Nelson Peltz promises to mind his manners if he wins a seat on Procter & Gamble’s board.
“I know how to act…I know my fork is on my left,” the billionaire investor behind Trian Partners said on a Monday conference call with analysts and investors Monday.
That’s despite the fact that Peltz had told analysts just a few minutes earlier that P&G has lost market share to competitors because its innovation pipeline is “troubled” and maybe “broken.”
Peltz has been pushing to earn a seat on P&G’s board at the company’s annual meeting next month, believing that he can help chip away at the consumer-products giant’s so-called “insular” culture.
P&G thinks Peltz would be a distraction to the board and the progress the company is trying to make.
“P&G is successfully executing a winning strategy and has strong momentum. We firmly believe now is not the time to risk derailing our progress by adding Trian’s Mr. Peltz to the P&G Board,” the company said in a statement released hours before Peltz’ presentation.
Peltz said that his experience on the boards of Mondelez, Wendy’s and Heinz makes him equipped to revitalize P&G.
“Understanding consumer’s likes, dislikes, and where the trends are going” is important, Peltz said.
“Market share is what its all about in the consumer space,” Peltz said, noting that earnings per share carry less significance.