After a long proxy battle, Procter & Gamble (NYSE:PG) announced it would add Nelson Peltz of Trian Partners to the board of directors in 2018. We think Mr. Peltz, a significant shareholder and important voice for all owners, will improve PG’s focus. Several of our other highly successful investments— such as Sysco Corporation (where Trian Partners has two board seats), Microsoft and Fox—have benefited greatly from having a shareholder advocate in the boardroom.
From Yacktman Fund (Trades, Portfolio)s' fourth quarter 2017 shareholder letter.
