HJ Heinz Company has retained Spencer Stuart, a recruitment firm specialising in board appointments, to lead the search for the two new independent directors who will join Heinz’ board.
Heinz said it would appoint two new independent directors to its 12-member board in response to criticisms levelled against management by dissident shareholders the Trian Group. Trian is currently attempting to appoint five of its members to the board.
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Heinz’s presiding director, Thomas J. Usher, said: “The Board has listened to our shareholders and are making a number of important changes including adopting majority voting in the election of Directors and holding regular meetings between our Directors and key shareholders. As we recently committed, we are moving quickly to identify two new independent directors with consumer marketing and capital markets expertise who meet our strong governance standards. We are talking to shareholders about suitable candidates who will constructively enhance the existing strong and independent board at Heinz and help us in delivering on the firm commitments that we have made to increasing shareholder value and holding management accountable for results.”
Usher continued: “Heinz shareholders can be assured that the Heinz Board is committed to building on Heinz’s share price momentum by leveraging our strong business fundamentals that would provide further upside to our current share price.”
