US: Peltz set for seat on Mondelez board
By Dean Best | 21 January 2014
Peltz has been pushing for Cadbury owner Mondelez to merge with PepsiCo
Nelson Peltz, the US billionaire and activist investor, has been lined up for a seat on the board of global snacks group Mondelez International.
Peltz, who has been pushing for a merger between Mondelez and US food and beverage giant PepsiCo, is being put forward for election to the board at the company's AGM.
Last April, it emerged Peltz's investment vehicle, Trian Fund Management, had built stakes in Mondelez and PepsiCo. During the summer, Trian published a white paper that pushed for PepsiCo and Mondelez to merge, with the cola maker spinning off its beverage arm, a move Peltz claimed would maximise value for shareholders. He also claimed Mondelez needed to work harder to improve margins.
Peltz said today (21 January): "As one of the company's largest shareholders, with a current beneficial ownership of more than 46 million shares, Trian has long seen enormous opportunities in the company's portfolio of strong global brands. Irene Rosenfeld is a CEO who has created substantial value for shareholders over the course of her career. I look forward to working closely and constructively with Irene, the Board and management team toward our shared goals of driving growth, improving margins and increasing value for all shareholders."
Rosenfeld, Mondelez's chairman and CEO, said Peltz would be "a valuable addition" to the company's board. "We respect his more than 40 years of business and investment experience as well as his expertise helping consumer products companies leverage their brands and improve operating and financial performance. We welcome his input as we deliver superior shareholder returns," she said.
Mondelez International Adds Nelson Peltz to Board of Directors
DEERFIELD, Ill., Jan. 21, 2014 /PRNewswire/ -- Mondelez International, Inc. (NASDAQ: MDLZ) today announced that it has added Nelson Peltz, Chief Executive Officer and a founding partner of Trian Fund Management, L.P. ("Trian"), to its Board of Directors. With the addition of Peltz, the MondelezInternational Board of Directors expands to 12 members, 11 of whom are independent and all of whom are elected annually. Peltz will also be included in the company's slate of nominees for election to the Board at the 2014 Annual Meeting of Shareholders.
"We believe that Nelson will be a valuable addition to our Board," said Irene Rosenfeld, Chairman and CEO. "We respect his more than 40 years of business and investment experience as well as his expertise helping consumer products companies leverage their brands and improve operating and financial performance. We welcome his input as we deliver superior shareholder returns."
"The Mondelez International Board is dedicated to maintaining a group of highly engaged, world-class professionals with significant operating experience in multifaceted global businesses," said Mark Ketchum, Lead Director. "We're pleased to have Nelson join our Board and are confident that he will be an important contributor."
"As one of the company's largest shareholders, with a current beneficial ownership of more than 46 million shares, Trian has long seen enormous opportunities in the company's portfolio of strong global brands," said Peltz. "Irene Rosenfeld is a CEO who has created substantial value for shareholders over the course of her career. I look forward to working closely and constructively with Irene, the Board and management team toward our shared goals of driving growth, improving margins and increasing value for all shareholders."
About Nelson Peltz
Nelson Peltz founded Trian in 2005 with Peter May and Ed Garden. From 1993 to 2007, he served as Chairman and CEO of Triarc Companies, Inc., which then owned the Snapple Beverage Group, which was sold to Cadbury Schweppes Plc and Arby's Restaurant Group, Inc., which was sold to a private equity firm, as well as other consumer and industrial businesses. From 1983 until 1988, Peltz was Chairman and CEO of Triangle Industries, Inc., which was a Fortune 100 Industrial Company following the acquisition of American Can Company's packaging business and the formation ofAmerican National Can Company until Triangle was acquired by Pechiney, S.A. From 2003 to 2006, Peltz served as a director of Encore Capital Group, Inc., a leading provider of debt management and recovery solutions. From 1996 to 1999, he was Chairman of the Board of National Propane Corporation, the managing general partner of National Propane Partners, L.P., a distributor of liquefied petroleum gas, which was sold to theColumbia Energy Group. From 1984 until 1992, he was Chairman and Chief Executive Officer and a director of Avery, Inc. which, from 1986 to 1989, was primarily engaged in the manufacture and sale of specialty chemicals through Uniroyal Chemical, which was sold in a management buyout. He began his business career in 1963 when he joined his family food business.
Peltz currently serves as non-executive Chairman of The Wendy's Company, the second-largest quick service restaurant company in the United States. He also serves as a director of Legg Mason, Inc., an asset management firm, and Chair of its Nominating and Corporate Governance Committee. In addition, Peltz is on the board of directors of Ingersoll-Rand Plc, a global diversified industrial company. He previously served as a director of H.J. Heinz Company, a global packaged food manufacturer, until it was sold to Berkshire Hathaway and 3G Capital.
About Trian Fund Management, L.P.
Founded in 2005 by Nelson Peltz, Peter May and Ed Garden, Trian seeks to invest in high quality but undervalued and under-performing public companies and to work constructively with the management and boards of those companies to significantly enhance shareholder value for all shareholders through a combination of improved operational execution, strategic redirection, more efficient capital allocation and increased focus.
About Mondelez International
Mondelez International, Inc. (NASDAQ: MDLZ) is a global snacking powerhouse, with 2012 revenue of $35 billion. Creating delicious moments of joy in 165 countries, Mondelez International is a world leader in chocolate, biscuits, gum, candy, coffee and powdered beverages, with billion-dollar brands such as Cadbury, Cadbury Dairy Milk and Milka chocolate, Jacobs coffee, LU, Nabisco and Oreo biscuits, Tang powdered beverages andTrident gum. Mondelez International is a proud member of the Standard and Poor's 500, NASDAQ 100 and Dow Jones Sustainability Index. Visitwww.mondelezinternational.com and www.facebook.com/mondelezinternational.
Original source: Mondelez International
View next/previous articles
22 Jan 2014 -
22 Jan 2014 -
Currently reading -
US: Peltz set for seat on Mondelez board