The turnaround and potential activist investor situation surrounding DJIA component Procter & Gamble (NYSE: PG) just became a bit more interesting.  There have been reports that the company’s board of directors was considering an ouster of CEO Bob McDonald at the same time that Bill Ackman’s Pershing Square has taken on a large stake in the consumer products giant.

Now we have an SEC filing from P&G’s board of directors stating:

• “The Board is overseeing a plan to return P&G results to levels that produce the best long term value for shareholders; unanimously supports the plan and Chief Executive Officer, Bob McDonald, as he leads its implementation; and is monitoring its effectiveness.”

Some may take this as a key defense.  Others will say that it is just like a baseball teams issuing a defense of their failing managers saying “We had a vote of confidence and are in full support of our manager” that ends up coming days to weeks before that manager is fired.

We have asked our readers to play arm-chair activist here by telling us via our poll what is the best strategy to pursue to turn P&G back around.  We have some serious concerns about what an activist group can do here because of a $175+ billion market value.  Tell us what you think an activist should try to do at P&G to boost shareholder value:

[polldaddy poll=6385563]

P&G shares have pulled back and are currently down 0.3% at $64.57 so far on Wednesday.  Again, keep in mind that this is a DJIA component.

JON C. OGG

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