P&G board stands by CEO plan to improve performance Wed Jul 18, 2012 11:47am EDT (Reuters) - Procter & Gamble Co's (PG.N) independent directors said on Wednesday that the board supports the company's chief executive and his plan to turn around performance at the giant consumer products company. "The board is overseeing a plan to return P&G results to levels that produce the best long-term value for shareholders; unanimously supports the plan and Chief Executive Officer Bob McDonald, as he leads its implementation; and is monitoring its effectiveness," they said in a statement. The maker of Tide detergent and Pampers diapers has been in the spotlight since last week, when activist investor William Ackman revealed that his Pershing Square Capital Management took a stake in the company. Ackman has been instrumental in shaking up management at other companies, including Canadian Pacific Railway Ltd (CP.TO) and J.C. Penney Co Inc (JCP.N) and his interest lifted P&G shares the day it was reported. P&G shares were down 20 cents, or 0.3 percent, at $64.59 in late morning on the New York Stock Exchange. Reporting By Martinne Geller in New York; Editing by Gerald E. McCormick