Ex-P&G CFO sold shares as board seat fight looms

Procter & Gamble’s former chief financial officer, who has joined the effort to help hedge fund boss Nelson Peltz gain a seat on the board, has sold nearly $50 million worth of stock since December 2015, government filings show.

In the 18 months before joining forces with Peltz, former CFO Clayton Daley has been unloading tens of thousands of P&G shares at a time, ultimately selling off more than 577,000 shares. The disclosures don’t specify whether the transactions were straight stock sales or related to the cashing out of options.

Daley still remains a significant shareholder with stock and options on 672,000 shares worth more than $44 million, according to proxies filed by Peltz’s Trian Fund Management.

Daley retired in 2009 from P&G with $18 million worth of stock and options. He also had options on nearly 770,000 shares of stock that were worthless at the time but later accumulated value with P&G’s rising stock price.