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CORRECTED-UPDATE 1-Nelson Peltz to step down from P&G board (Aug 5)

Reuters
Updated ·1-min read

(In Aug. 5 story, corrects paragraph 3 to remove reference to Peltz's demand of P&G shifting its Cincinnati headquarters, and changes wording to "reorganisation" from "break-up")

Aug 5 (Reuters) - Procter & Gamble Co said on Thursday activist investor Nelson Peltz would step down from the company's board at the end of his term later this year.

The consumer goods giant appointed the founder of Trian Fund Management to its board in 2018, following a bitter months-long proxy fight - the biggest ever involving a U.S. company at the time.

During the fight, the hedge fund manager had advocated for a reorganisation of the company.

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Trian has sold some of its stake in P&G since 2017.

"P&G has created tremendous value for all stakeholders since 2017," Peltz said in a statement on Thursday. (Reporting by Uday Sampath in Bengaluru; Editing by Maju Samuel)