Activist investor Nelson Peltz has joined the board of Mondelez International.
Peltz, through his investment vehicle Trian Fund Management, is one of Mondelez’s largest shareholders, holding more than 46 million shares.
“Trian has long seen enormous opportunities in the company’s portfolio of strong global brands,” said Peltz.
“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 added: “We believe that Nelson will be a valuable addition to our 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.”
His appointment means Mondelez now has 12 members on its international board of directors, 11 of whom are independent.
Last summer, Peltz called for PepsiCo and Mondelez to merge. He claimed PepsiCo had reached a “strategic crossroads” and should merge with Mondelez to create a global snacks giant and then spin off its beverages business.