Unilever gives Nelson Peltz a board seat

Activist investor Nelson Peltz has been named a non-executive director on the board of consumer goods group Unilever after taking a stake in the company through his New York hedge fund Trian Fund Management.

Unilever announced Tuesday the appointment of Peltz, effective July 20. He will also be a member of the Group Remuneration Committee. Peltz previously served on the boards of Procter & Gamble, Heinz and Mondelez.

Financial Times report In January, Peltz’s $8.5 billion fund took a seat at the British company, forcing Chief Executive Alan Chope to streamline operations and implement governance reforms after the company’s failed bid to buy GlaxoSmithKline’s consumer health firm .

Unilever said Tuesday that Trian holds a 1.5 percent stake. That would make it the fourth-largest shareholder, according to Refinitiv data.

Peltz said his fund had made a “considerable investment” in Unilever, adding that he looked forward to “collaborating” with the group’s management.

“We believe it is a company with enormous potential by leveraging its strong portfolio of consumer brands and its geographic footprint,” Peltz said.

Unilever made three failed acquisitions of GlaxoSmithKline Consumer Health, and Qiaopu walked away from the acquisition under pressure from shareholders. Meanwhile, Peltz resigned from Procter & Gamble’s board last year, four years after he took a $3 billion stake in the company.

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