07.19.12
Procter & Gamble Co's independent directors said the board supports Chief Executive Bob McDonald and his turnaround plan, while William Ackman confirmed his stake in the world's largest household products company is worth about $1.8 billion.
The board action came nearly a week after Ackman, the activist investor, revealed that his Pershing Square Capital Management took a stake in the maker of Tide detergent and Olay skin care.
The board action came nearly a week after Ackman, the activist investor, revealed that his Pershing Square Capital Management took a stake in the maker of Tide detergent and Olay skin care.
"The board is overseeing a plan to return P&G results to levels that produce the best long-term value for shareholders; unanimously supports the plan and Chief Executive Officer, Bob McDonald, as he leads its implementation; and is monitoring its effectiveness," they said in a filing with the U.S. Securities and Exchange Commission on Wednesday morning.