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P&G Board Stands by Their Man

McDonald gets support as Ackman's stake reaches $1.8 billion.

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By: TOM BRANNA

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Procter & Gamble Co’s independent directors said the board supports Chief Executive Bob McDonald and his turnaround plan, while William Ackman confirmed his stake in the world’s largest household products company is worth about $1.8 billion. The board action came nearly a week after Ackman, the activist investor, revealed that his Pershing Square Capital Management took a stake in the maker of Tide detergent and Olay skin care. “The board is overseeing a pla...

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