July 17 (UPI) -- The Trian Fund Management investment firm on Monday said it nominated Nelson Peltz for a board seat at Procter & Gamble to shake up the stalled consumer-products giant.
Peltz's investment firm, which owns $3.3 billion shares of P&G, filed a preliminary proxy statement with the Securities and Exchange Commission to initiate the process.
"As one of P&G's largest shareholders, and 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," Trian said in a statement. "Over a 10-year period, P&G's total return to shareholders was less than half that of its peers and has been in the bottom quartile over most recent time frames. Trian believes P&G needs to address the factors contributing to this consistent underperformance."
Trian also said P&G needs to cut costs and reduce corporate bureaucracy. Last week, P&G officially declined to give Peltz a seat on the board.
Trian said P&G's previous cost-cutting measures have not been successful, citing a $10 billion cost-cutting program launched in 2012 that has "had no discernible impact on profits or sales growth."
"Trian believes that Mr. Peltz's significant expertise and long track record of working successfully with management teams and boards to turn around consumer companies and drive sustainable long-term shareholder value will be invaluable to P&G as it works to overcome its challenges," Trian added.