Unilever gives Nelson Peltz a board seat
Trian Fund Management has 1.5% stake in consumer goods group
Activist investor Nelson Peltz has been made a non-executive director on the board of consumer goods group Unilever after building a stake in the company through his New York hedge fund Trian Fund Management.
Unilever announced the appointment of Peltz, which will take effect from July 20 this year, on Tuesday. He will also be a member of the group’s compensation committee. Peltz has previously had seats on the boards of Procter & Gamble, Heinz and Mondelez.
The Financial Times reported in January that Peltz’s $8.5bn fund had taken a position in the British company, pressing chief executive Alan Jope to streamline operations and implement governance reforms following the company’s failed takeover of GSK Consumer Health.
Unilever said on Tuesday that Trian had a 1.5 per cent stake. According to data from Refinitiv, that would make it the fourth largest shareholder.
Peltz said that his fund had made a “considerable investment” in Unilever, adding that he was looking forward to “working collaboratively” with the group’s management.
“We believe it is a company with significant potential, through leveraging its portfolio of strong consumer brands and its geographical footprint,” Peltz said.
Unilever made three failed bids for GSK Consumer Health with Jope abandoning the quest after pressure from shareholders. Peltz meanwhile stepped down from the board of Procter & Gamble last year, four years after he had acquired a $3bn stake in the company.