P&G shrinks board as director withdraws

Procter & Gamble will shrink the size of its board in October after Mary Agnes Wilderotter has withdrawn from a bid for re-election.

The move will reduce the company’s board of directors from 13 to 12. The panel increased to 13 in July when incoming CEO David Taylor was named to it with the announcement he would lead the company starting Nov. 1.

Wilderotter, 60, the executive chairman of Stamford, Connecticut-based Frontier Communications, had planned to stand for re-election as late as Aug. 28 when proxy materials were issued and she was listed as a candidate. But last week Wilderotter informed the board she planned to withdraw, the company disclosed in a government filing on Friday.

P&G said the decision by Wilderotter coincided with her changing role at Frontier and her desire “to pursue other interests.” She led Frontier as CEO for 11 years ending in April.

Wilderotter has served on P&G’s board since 2009 and was one of five women on the panel. She served on three of the board’s committees: Audit, Compensation & Leadership Development and Innovation & Technology.

The changes to the board will take effect at P&G’s Oct. 13 annual meeting, where board members are elected to annual terms by shareholders.