Friday, 1 August 2014
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Oct 3 2012 | 12:59pm ET
Pershing Square Capital Management's William Ackman is trying to tighten the screws on Procter & Gamble.
At Monday's Value Investing Congress in New York, Ackman blamed CEO Robert McDonald for P&G's problems. And while he told CNBC that the company was likely to give him "a little bit more time," that time was running out.
"The are keeping the CEO on a tight leash," Ackman said of P&G. And he offered a least a glimmer of hope.
"The CEO wants to keep his job, so he'll be very, very motivated to deliver," Ackman told the VIC. "Either the current CEO fixed the business or the next CEO will fix the business." And that next CEO could come from outside the company, which would break with recent P&G practice.
Pershing Square in July bought a 1% stake in P&G, its largest-ever initial investment in a company.