Procter & Gamble Co. said Oct. 16 that Trian Fund Management LP CEO and founding partner Nelson Peltz fell short of winning a seat on its board of directors by just over 6 million votes out of billions cast.
In a document filed with the SEC, the consumer products giant said shareholders gave Peltz 972,999,075 votes, while Ernesto Zedillo, the company-endorsed candidate who P&G said had won election to its board with the smallest number of votes, earned 979,150,492. P&G said its shareholders voted using about 75% of all the shares that were entitled to a vote.
Proxy solicitation firms D.F. King & Co. and MacKenzie Partners Inc. reported the totals to P&G, according to the company.
The results are still preliminary, P&G wrote in the document, adding that it will file final results with the SEC once vote totals have been certified by IVS Associates, the company's independent inspector of elections.
A spokeswoman for Trian did not immediately respond to a request for comment on the tally. In a statement issued after P&G's annual shareholder meeting Oct. 10, the hedge fund said the vote was "too close to call" and that it would wait for the certified final results before taking any action.
The preliminary numbers come just under a week after P&G declared victory in the proxy war, estimated to cost both sides $60 million.
Supported by Trian, Peltz sought a seat on P&G's board in a public campaign that began in July. He argued that the company had unperformed its peers in recent years, with some of its biggest brands, such as Gillette razors, losing market share to competitors.
P&G's incumbent management, led by Chairman and CEO David Taylor, aimed to keep Peltz off the board, claiming that they were already attempting to improve results.