What Nelson Petlz wants from Procter & Gamble Co. (PG)

The twin towers that house the corporate headquarters of Procter and Gamble

The twin towers that house the corporate headquarters of Procter and Gamble

Peltz's Trian Fund Management Monday said it had filed preliminary proxy statement with the Securities and Exchange Commission for the election of Peltz to the P&G board at the company's 2017 annual general meeting, saying that given P&G's disappointing results over the past decade, "Trian has a keen interest in helping the Company address the challenges it is facing". Both of the European companies have since been forced to increase shareholder payouts and accelerate planned efficiency measures. The company had a market value of $222.77 billion, as of Friday's close.

Peltz's fund, which owns about $3.3 billion of P&G's stock, urged shareholders to vote for Peltz at the company's shareholder meeting, citing his track record of working with managements to turn around consumer companies. The shares are down 5% from their peak in late 2014.

The filing said Peltz met with P&G officials in May, seeking a public commitment to appoint him as a board member within 12 months unless the company's performance improved.

"We believe that P&G has an overly complex organizational structure and a slow moving and insular culture", Trian Partners said in a notice to company shareholders.

In an interview with The Wall Street Journal, which broke the news last night, Peltz said that "We need a game-changing attitude at P&G.We just can't keep going along the same path".

Activist investor Nelson Peltz is attempting to secure a seat on the board at Procter & Gamble, seeking faster changes at the consumer products company.