Kraft Foods has agreed a deal with activist investor Nelson Peltz following the appointment of two more independent directors.
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The US food giant named retired Colgate-Palmolive executive Lois Juliber and Frank Zarb, MD of private equity group Hellman & Friedman, as board directors.
As a result, Peltz and his investment vehicle Trian Partners have backed Kraft’s roster of directors and pledged to keep its stake in Kraft below 9.9%.
“Our board is united in its goal of building value for all of our shareholders,” said Kraft chairman and CEO Irene Rosenfeld.
Peltz is said to want Kraft to focus on its core brands and the appointment of the two independent directors is seen as a way for the company to avoid a proxy battle with the investor.
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By GlobalDataLast year, Heinz became embroiled in such a battle with Peltz after the investor accused the company of failing to drive shareholder value. Peltz and an associate subsequently won seats on the Heinz board.
