P&G appoints Peltz to board despite losing proxy battle

Procter & Gamble Co said it appointed Nelson Peltz to its board despite the activist investor narrowly losing a months-long proxy fight, the biggest ever involving a U.S. company. Immediately after its annual meeting in mid-October, P&G said it beat Peltz by a slim margin, but a preliminary tally by an independent election inspector, released a month later, showed otherwise. "Because the election results were so close, and because a large number of shareholders voted for Nelson Peltz to be a director, the board has engaged in numerous discussions with Mr. Peltz regarding a board seat," P&G said on Friday.

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