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.