Activist investor William Ackman pressed for Procter & Gamble Co. 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.

Ackman made clear his disapproval of McDonald's leadership in the Sept. 4 meeting that was attended by board members James McNerney, CEO of Boeing Co., and Kenneth Chenault, CEO of American Express Co., 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.