Tuesday, Aug 30, 2016
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P&G offers support for CEO in SEC filing

NEW YORK -- Procter & Gamble Co. said Wednesday its board supports Chief Executive Officer Robert McDonald, nearly a week after activist investor William Ackman took a stake in the firm.

The world's largest consumer products maker said in a Securities and Exchange Commission filing the statement is in response to erroneous media reports. P&G makes products ranging from Tide detergent to Gillette razors.

Since Mr. Ackman took an undisclosed stake, media have speculated he might agitate for change, such as a split of the company or new leadership.

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