Morning Brief: Former P&G CFO Makes Case for Trian’s Peltz

Nelson Peltz’s Trian Fund Management hired P&G’s former CFO to help its battle with the consumer goods giant.

Nelson Peltz’s Trian Fund Management has enlisted an intriguing ally for its proxy fight with Proctor & Gamble. The activist hedge fund firm has hired Clayton Daley, a former chief financial officer at the packaged goods company, as a consultant and will pay $250,000 to his family’s foundation. In a video posted Monday on, a website created by Trian, Daley expressed his support for P&G. But he also stressed that over the past six to eight years, “it’s been very frustrating – frustrating for me, and I know frustrating for shareholders and retirees as well."Daley said he has never worked with an activist and even turned down Pershing Square’s Bill Ackman in 2012, when the hedge fund founder asked him to join his activist campaign at the company. It’s time “to do something different” to boost the value of the stock, said Daley, who called Peltz a highly engaged shareholder. “He understands how to build value for the long term. He is engaged in how to improve systemic results of the company,” Daley said.

The newly hired consultant said that Peltz is not recommending cutting R&D, marketing or brand-building activities, and is not splitting the company or suggesting financial engineering. “I’ve talked to a lot of current and former Procter & Gamble employees,” Daley said. “I know for a fact that some retirees have had to change their retirement plans because the stock has not performed in line with the expectations they had when they retired. How long can shareholders and retirees wait?”

Trian has nominated Peltz to the board of directors. P&G’s annual meeting is scheduled for October 10.


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