Before Unilever, Nelson Peltz Took Aim at P&G’s ‘Thicket’

P&G overhauled its management after investor’s proxy fight but didn’t follow his advice to de-emphasize big brands, which have fueled strong sales

Airlines, gas stations and retailers use complex algorithms to adjust their prices in response to cost, demand and competition. WSJ’s Charity Scott explains what dynamic pricing is and why companies are using it more often. Illustration: Adele Morgan

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.

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