P&G board sticks by CEO after Ackman stake

NEW YORK - Procter & Gamble Co. says its board supports CEO Robert MacDonald, nearly a week after activist investor William Ackman took a stake in the company.

The world's largest consumer products maker says in a Securities and Exchange Filing that the statement is in response to erroneous media reports. P&G makes products ranging from Tide detergent to Gillette razors.

Since Ackman took an undisclosed stake in the company last week, media reports have speculated he might agitate for change, such as a split up of the company or new leadership.

He has done that with other companies, including Target and J.C. Penney. But he has made no formal statement about Cincinnati-based P&G yet.

Shares slipped 19 cents to $64.60 in midday trading.

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