Peltz's Trian Fund Management LP, which owns about $3.3 billion worth of shares at Procter & Gamble, said Monday that it's interested in helping Procter & Gamble improve its performance, saying that its financial performance over the last 10 years has been disappointing.
However, it has suffered in recent years from the slowdown in the global economy as well as from competition from startups.
"We need a game-changing attitude at P&G", Mr. Peltz said in an interview. P.&G.is increasing its online presence and has fought back with price cuts, but its stock price has lagged competitors' and the Standard & Poor's 500 index in the previous year, and - as Mr. Peltz points out - over the last decade.
P&G's returns have also lagged behind S&P 500 companies, with investors seeing about 4% over the past year compared to a 16% return for the S&P 500.
P&G seems ready to make a similar case to DuPont's: CEO David Taylor only started in November 2015 and has been moving to turn the very big organization. And comes when the company already is more than half-way through a nine-year, $10 billion cost-cutting program. In the March-ended quarter, organic sales rose just 1%. Trian got no seats, but the chief executive was out five months later, and DuPont announced a merger with Dow Chemical that would lead to a breakup.
Trian will have to convince investors that Mr. Peltz's experience - and stock gains - at consumer giants like Mondelez International Inc. and H.J. Heinz Co. - recommend him for a board stacked with well-known business leaders.
The activist is focused on the structure of P&G's leadership. Regional units have been handed more autonomy in bringing their products to market and executives say profit-and-loss responsibility now lies at the feet of category leaders.
In a statement, Peltz said he had identified further areas for cost savings of as much as $13 billion.
"P&G has evolved to a culture that is extremely risk averse", Meyer said. Trian, whose plans were reported earlier by the Wall Street Journal, said Monday it still hopes it can avoid a proxy fight.
Trian Partners told shareholders it does not want the company to reduce pension benefits, research and development, marketing expenses or capital investments.
-Sharon Terlep contributed to this article.