Hedge fund boss Nelson Peltz declared victory in his bid for a Procter & Gamble board seat Wednesday after an independent inspector reviewed result in the bitter proxy battle.
“Trian greatly appreciates the support we have received, and we are gratified that the Independent Inspector’s tabulation shows that shareholders have elected Nelson Peltz to the P&G Board of Directors," Peltz's hedge fund, Trian Fund Management said. "The Inspector’s report represents an independent, careful tabulation of all proxies and ballots submitted to the Inspector by both P&G and Trian.
"Trian strongly urges P&G to accept the Inspector’s tabulation and not waste further time and shareholder money contesting the outcome of the Annual Meeting. Shareholders have voted, and they have indicated that they want Nelson Peltz to join the Board," Trian added.
In a preliminary count disclosed last month, Peltz fell 6.2 million votes short of winning, losing by 0.3% of votes cast.
Trian Fund Management indicated last month it might contest the results of the proxy fight once finalized numbers were available. Last month, the firm said it would "take all steps" to ensure accurate final voting results.
The activist investor asked shareholders to elect him to the panel that oversees P&G's senior executives and strategy to advocate for a faster company turnaround.
Peltz harshly criticized the company's sluggish results and corporate structure during the campaign.
During the contest, P&G said Peltz was late to the company's turnaround efforts and a successful restructuring is underway.