(Reuters) – Trian Fund Management LP said on Monday it was seeking a seat for its billionaire chief executive on Procter & Gamble Co’s (PG.N) board, as it looks to push the company to take more drastic steps to revive sales and profits.
Trian’s announcement marks the official launch of the largest proxy fight ever, with the activist fund squaring off against a $222.7 billion consumer products behemoth.
The battle comes as activist investors, emboldened by years of successful campaigns for changes at corporations across the U.S. and abroad, use their growing coffers to seek bigger targets.
Trian, which owns about $3.3 billion of P&G’s stock, or 1.5 percent of the company, urged shareholders to vote for the fund’s CEO and co-founder Nelson Peltz at the company’s upcoming shareholder meeting, citing his track record of working with managements to turn around consumer companies.
P&G’s proxy filing, disclosed on Monday, shows that Trian’s dialogue with the company goes back to…