Activist investor Trian Fund Management LP is seeking a board seat at Procter & Gamble Co for Nelson Peltz, the fund's billionaire chief executive, according to a regulatory filing on Monday.
The fund, which owns about $3.3-billion of P&G's stock, urged shareholders to vote for Peltz at the company's shareholder meeting, citing his track record of working with managements to turn around consumer companies.
Trian had sought a seat for Peltz on P&G's board earlier this year, but was declined by the maker of Tide detergent and Gillette razors.
Trian said in the filing it was launching the proxy fight because of P&G's continuing underperformance and the lack of tangible evidence that the company had embraced initiatives discussed at various meetings between the parties.
To revive sluggish sales, P&G has sold unprofitable brands, including 41 beauty brands to Coty Inc, and focused on core brands such as Tide, Pampers and Gillette.
However, those efforts have failed to boost its stock much beyond the level where it traded at the beginning of this year.
"We believe that many of (P&G's) challenges relate to the company's organizational structure and culture, which can be highly resistant to change," the fund said on Monday.
Trian said it was not seeking a break-up of P&G or the ouster of the company's chief executive.
Trian also said in case Peltz was elected, he would seek re-election of the director he replaced.
Wall Street Journal reported earlier on Monday that Trian was set to launch a proxy fight.
The company's annual meeting is usually held in October. It was not immediately available for comment outside regular business hours.