P&G CEO says Peltz has yet to offer a substantial plan

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David Taylor, chairman, president and chief executive officer of The Procter & Gamble Company.

Procter & Gamble CEO David Taylor said billionaire investor Nelson Peltz has not offered a substantial plan to help the company.

“I want to prevent anything from derailing the work we’re doing,” Taylor told CNBC. The company, which makes Pampers diapers and Tide detergent, is in the midst of a plan to cut costs at the company by $10 billion over the next five years.

However, with its sales stagnating, the company has come under attack by Peltz’s hedge fund Trian Partners, which owns about $3.3 billion worth of P&G shares.The fund is pushing for shareholders to vote Peltz to P&G’s board. The proxy battle began earlier this month after P&G rejected Peltz’s request to be named a director after months of meetings.

Taylor said P&G has a “rigorous” selection for board membership.

“The fact that he has good advice doesn’t mean we just add him to the board,” Taylor said.

Peltz does bring “a number of good folks with him,” Taylor told CNBC. However, he said, P&G does not need a group to come and be a shadow management team.

Taylor’s comments came after P&G reported earnings that beat expectations amidst aggressive cost cutting efforts.

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