P&G Names Activist Nelson Peltz to Board After Proxy Battle

Procter & Gamble Co. named Nelson Peltz to its board, capping a contentious and costly proxy battle in which the billionaire activist investor may have narrowly won a shareholder vote for a seat—or not.

Peltz, a founding partner of Trian Fund Management, also will be added to P&G’s director slate for its annual meeting next year, the consumer-products giant said Dec. 15. The company also named Novartis AG Chief Executive Officer Joseph Jimenez to its board starting March 1. The board will increase to 13 from 11 members.

While P&G initially declared victory, Peltz appeared to secure the board seat ...