Activist investor Nelson Peltz files for seat on P&G’s board

Nelson Peltz

David A. Grogan | CNBC
Nelson Peltz

Nelson Peltz‘s Trian Fund Management has filed a notice for a board seat at Proctor & Gamble, according to a source close to the matter.

When asked about whether any filings have been made during the current notice period, a P&G spokesperson said any disclosures will be made when P&G files its proxy later this summer. No specific date has been released for the filing.

A Trian spokesperson declined to comment.

Trian disclosed a $3.5 billion stake in P&G in February, its largest position in a company ever. It comes at a time when P&G is struggling to grow sluggish sales after shedding at least 100 brands in recent years to focus on core categories. It’s also in the middle of a restructuring that involves slashing $10 billion in costs from the business.

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