Unilever said that activist investor Nelson Peltz will join its board of directors, adding that his Trian Fund Management LP owns a 1.5% stake in the company.
Nelson Peltz said: “We look forward to working collaboratively with management and the Board to help drive Unilever’s strategy, operations, sustainability, and shareholder value for the benefit of all stakeholders.”
Chairman Nils Andersen of Unilever said the company had held "extensive and constructive discussions" with Peltz and that the investor's experience in the consumer goods sector would be beneficial.
Nelson Peltz’s appointments as a non-executive director and as a member of its compensation committee are expected to be confirmed on or before 20 July 2022, subject to receipt of any required regulatory approvals.
From April 1993 through June 2007, Peltz served as chairman and chief executive officer of Triarc Companies, Inc. which during that period of time owned Arby's Restaurant Group, Inc. and the Snapple Beverage Group, as well as other consumer and industrial businesses.
Peltz was chairman and chief executive officer and a director of Triangle Industries, Inc., the largest packaging company in the world and a Fortune 100 industrial company, from 1983 until December 1988, when that company was acquired by Pechiney, S.A., a leading international metals and packaging company.
Peltz began his business career in 1963 when he joined his family food business.