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A-Brands

Unilever Names Activist Investor Peltz As Board Member

By Steve Wynne-Jones
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Unilever Names Activist Investor Peltz As Board Member

Unilever has named Nelson Peltz as a board member, as it engages in talks about strategy with the American activist investor who now holds a roughly 1.5% stake in the consumer goods giant.

London-listed Unilever said Peltz will join as a non-executive director from July and serve as a member of the board's compensation committee.

The company said Peltz's hedge fund Trian Fund Management manages funds with interests in about 37.4 million Unilever shares, or 1.5% of the consumer goods giant.

'Working Collaboratively'

"We look forward to working collaboratively with management and the Board to help drive Unilever's strategy, operations, sustainability, and shareholder value," Peltz said in a statement.

His appointment comes months after news that he had built a stake in Unilever, whose strategy was under scrutiny this year after a short-lived pursuit of GSK's consumer healthcare arm.

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Global Experience

"We have held extensive and constructive discussions with him and the Trian team and believe that Nelson's experience in the global consumer goods industry will be of value to Unilever," Unilever chair Nils Andersen said.

The company's unsuccessful £50 billion pursuit of GSK's consumer health business had raised questions about Unilever's plans under chief executive Alan Jope.

In 2018, Peltz's Trian fund called for a slew of changes at Procter & Gamble. Peltz was then added to the board of the company, following a months-long proxy fight.

New York-based Trian is known for proposing operational fixes at its portfolio companies.

News by Reuters, edited by ESM – your source for the latest A-Brands news. Click subscribe to sign up to ESM: European Supermarket Magazine.

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