The Associated Press
Oreo cookie maker Mondelez International says it has given activist investor Nelson Peltz a seat on its board.
Deerfield-based Mondelez says the appointment expands its board to 12 members and that Peltz will be among its nominees for election at its shareholders meeting.
Peltz, a founding partner of Trian Fund Management, has criticized the company’s performance since it split from Kraft Foods in October of 2012. He has also called for PepsiCo to spin off its drinks business and merge its Frito-Lay food business with Mondelez to create a snacking giant. But CNBC reported soon after the announcement Tuesday morning that Peltz would back off his push for the merger as part of his board appointment.
As one of Mondelez’s largest shareholders, Peltz said Trian sees “enormous opportunities in the company’s portfolio of strong global brands.”
Mondelez CEO Irene Rosenfeld noted Peltz’s business and investment experience and that the company welcomes his input.
Mondelez also makes Chips Ahoy cookies, Trident gum and Ritz crackers. The company split with Kraft so that each could focus on a more targeted stable of products.
Mondelez took global snack brands, while Kraft took North American supermarket staples such as Miracle Whip, Jell-O and Oscar Mayer.