Tags: Ackman | P&G | CEO | McDonald

WSJ: Ackman Pushed for Ouster of P&G CEO McDonald in Meeting

Thursday, 27 Sep 2012 08:26 AM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

Activist investor William Ackman pressed for Procter & Gamble Co. Chairman and Chief Executive Robert McDonald to be stripped of both roles in a meeting earlier this month attended by two directors and McDonald himself, The Wall Street Journal reported.

Ackman made clear his disapproval of McDonald's leadership in the Sept. 4 meeting that was attended by board members James McNerney, CEO of Boeing Co., and Kenneth Chenault, CEO of American Express Co., the paper said.

Though the board has not taken any action since the meeting, McDonald's job could be at risk if the cost-cutting initiatives he has announced do not deliver results, the Journal said, citing two people familiar with the board's approach to the issue.

P&G, whose brands include Pampers, Gillette and Tide, is in the midst of a $10 billion restructuring. Ackman's Pershing Square Capital LP bought roughly $1.8 billion worth of its stock this summer, giving him a holding of about 1 percent.

P&G could not be immediately reached for comment outside of regular business hours.

© 2014 Thomson/Reuters. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web

Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 

You May Also Like
Around the Web

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved