Cincinnati -based Procter & Gamble targeted in largest-ever proxy fight over slow profit growth To find out more about Facebook commenting please read the Conversation Guidelines and FAQs File photo taken in 2017 shows the Procter & Gamble headquarters building in Cincinnati.(Photo: Al Behrman, Al Behrman, AP) U.S.
consumer products giant Procter & Gamble (PG) Monday became the target of the largest-ever proxy fight.
"P&G’s Board and management team are keenly focused on executing the company's strategy to drive innovation, accelerate organic sales and volume growth, improve productivity and cost structure, and strengthen P&G's organization and culture," the company said in a formal statement.
"The board is confident that the changes being made are producing results, and expresses complete support for the company's strategy, plans, and management." The company has a market value of roughly $222.7 billion, based on the number of outstanding shares as of late March.
Once the company's largest investor with a 1% stake, Ackman sold off the investment in May 2014.