Ackman pushed for ouster of P&G CEO McDonald in meeting: WSJ

(Reuters) - Activist investor William Ackman pressed for Procter & Gamble Co (PG.N: Quote) Chairman and Chief Executive Robert McDonald to be stripped of both roles in a meeting earlier this month attended by two directors and McDonald himself, the Wall Street Journal reported late on Wednesday.

Ackman made clear his disapproval of McDonald's leadership in the September 4 meeting that was attended by board members James McNerney, CEO of Boeing Co (BA.N: Quote), and Kenneth Chenault, CEO of American Express Co (AXP.N: Quote), the paper said.

Though the board has not taken any action since the meeting, McDonald's job could be at risk if the cost-cutting initiatives he has announced do not deliver results, the Journal said, citing two people familiar with the board's approach to the issue.

P&G, whose brands include Pampers, Gillette and Tide, is in the midst of a $10 billion restructuring. Ackman's Pershing Square Capital LP bought roughly $1.8 billion worth of its stock this summer, giving him a holding of about 1 percent.

P&G could not be immediately reached for comment outside of regular business hours.

(Reporting by Aman Shah in Bangalore; Editing by Saumyadeb Chakrabarty)