Activist investor Nelson Peltz has taken a seat on the board of Unilever after his company became one of its largest single shareholders.
Peltz’s company, Trian Fund Management, now holds a 1.5% stake in Unilever worth about $1.6 billion. Peltz has joined the board as a nonexecutive director and member of its compensation committee, effective July 20.
Unilever has come under criticism for its performance during the pandemic. Dissatisfied shareholders noted that it grew considerably less than competitors during a period of growth for branded products in general. There have been suggestions that Unilever give up its food portfolio to concentrate on personal care products.
Peltz started buying Unilever shares in January. He has served on the boards of several of Unilever’s competitors, including Procter & Gamble, Kraft Heinz and Mondelēz International.