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.
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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.
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