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P&G CEO says Peltz has suggested moving some business out of headquarters: Report

Key Points
  • Trian Fund Management has nominated Nelson Peltz to P&G's board of directors, setting up a proxy fight between the hedge fund and the company.
  • P&G's CEO told the Cincinnati Enquirer that Peltz has suggested moving some of the company's business units and jobs out of its Cincinnati headquarters.
Nelson Peltz
Patrick T. Fallon | Bloomberg | Getty Images

Billionaire hedge fund manager Nelson Peltz is vying for a seat on Procter & Gamble's board of directors. If he gets it, he could suggest moving some of the company's business units and jobs out of its Cincinnati headquarters, P&G CEO David Taylor told the Cincinnati Enquirer.

"He said we should be more of a holding company and move businesses out of the headquarters. He called R&D (research & development) a hobby," Taylor told the newspaper. "We didn't ask for this proxy contest, but we think it's right to stand up for what's right for P&G."

Taylor said adding Peltz to the board could "derail" P&G's progress "by taking a new course."

Taylor's criticisms of Peltz are not new. He has been vocal about his opposition to Peltz joining P&G's board since Peltz's hedge fund, Trian Fund Management, first sought a board seat for Peltz in July.

Peltz and Taylor have engaged in a war of words throughout the summer ahead of the October 10 vote at P&G's annual shareholders meeting.

Trian did not immediately respond to CNBC's request for comment.

Read the full story from the Cincinnati Enquirer.

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