Procter & Gamble‘s (NYSE:PG) CEO and Chairman had a 90-minute face-to-face meeting with an activist investor, who detailed his criticisms about the company’s management and direction, and urged his ouster.

At the meeting, William Ackerman, who runs Pershing Square Capital Management, presented Robert McDonald with 75-page list of the consumer products giant’s recent problems, which including sluggish growth and diminish workforce morale, the Wall Street Journal noted.

Ackerman, who controls $1.8 billion in P&G shares, is pushing for the removal of McDonald from the company’s top spot. He made that appeal to two company board members who also attended the meeting: Kenneth Chenault, CEO at American Express (NYSE:AXP), and James McNerney Jr., CEO of Boeing (NYSE:BA).

McNerney says that the board still “wholeheartedly” supports the current CEO. However, should P&G’s fortunes continue to decline, McDonald’s position will clearly be in jeopardy, inside sources said. He has already taken a pay cut due to declining results.

McDonald has moved to reduce expenses. He has promised to cut expenses by $10 billion in four years. He is also concentrating marketing efforts on P&G’s most profit-producing markets. Earlier this year, P&G announced that it would trim its workforce by 5,700.

Shares of P&G moved fractionally lower in Thursday morning trading.