The activist investor sells $267 million of P&G stock in three days

Activist investor Nelson Peltz has sold about $267 million in Proctor & Gamble stock over three days. The CEO of the Trian Fund dropped about 2.1 million shares.

That said, Peltz’s spokesperson said that the activist is still focused on the long-term value of the consumer goods giant. Peltz is a member of the company’s board of directors.

“Trian is very pleased with its investment in the Procter & Gamble Company and believes that the company’s management and its board, on which Trian partner Nelson Peltz serves, are keenly focused on the creation of long-term shareholder value,” the Trian spokeswoman stated.

According to BizJournals, Proctor & Gamble did not respond for comment.

Nelson Peltz and the Maker of Tide

According to Trian’s spokesperson, the hedge fund cut its stake due to the expiration of a lockup period for a co-investment fund. According to an SEC filing, Trian shed 2,148,127 shares from October 29 to October 31.

The sale comes a week after Proctor & Gamble reported stronger-than-expected organic sales growth.

Peltz had previously waged a massive proxy battle for a board seat at the company. However, Peltz lost a narrow vote in 2017 among shareholders. Nonetheless, David Taylor, the firm’s Chairman and CEO, offered a board seat to the activist investor.

Peltz recently said that he and Taylor had put aside differences on strategy, commenting that they would both prefer to be rich instead of right.

[Related: CBL Properties Settles with Activist Investor]