Officially, Procter & Gamble Co. referred to its management structure as “the matrix.” Internally, frustrated executives called it “the thicket.”
Five years ago, activist investor Nelson Peltz set out to dismantle the bureaucracy that both he and P&G executives said was hobbling the maker of Tide detergent, Gillette razors and Pampers diapers. He joined P&G’s board in March 2018 following what was then the most expensive proxy fight in U.S. history.
