Activist investor Nelson Peltz has unveiled a 93-page-long white paper, which details his plans to transform Procter & Gamble, according to a report published by CNBC.

Peltz, who owns a US$3.5 billion stake in the US FMCG giant, wants P&G to split into three units all operated under a ‘lean holding company’. The new divisions would be organized as beauty, grooming and health; fabric and home care; and baby, feminine and family care.

Peltz is also calling for the P&G board to investigate its approach to NPD, as, according to Trian, ‘the innovation machine is broken’ and the company hasn’t created a leading product in 20 years.

“We remain focused on delivering our plan, while preventing anything from derailing the progress we are making to create value for all P&G shareholders,” said Procter & Gamble in a statement.