Lisa Bernard-Kuhn reports:
Following its first meeting with activist investor William Ackman, Procter & Gamble’s board has reaffirmed its support for CEO Bob McDonald and the company’s turnaround plan.
During a Sept. 4 meeting, Ackman urged the board to hunt for a new CEO, delivering a 75-page list of complaints about the company’s performance under McDonald’s leadership, according to the Wall Street Journal.
P&G on Thursday declined to discuss the meeting, stating that its conversations with shareholders are confidential.
P&G’s board “wholeheartedly” supports McDonald and the company’s restructuring plan aimed at cutting $10 billion in costs by 2016, P&G’s board chairman Jim McNerney said in a statement Thursday.
“In addition, the board will actively oversee the plan’s implementation to ensure its effectiveness,” McNerney added.