Unilever PLC (LSE:ULVR) has given billionaire activist Nelson Peltz a seat on the board after the US corporate raider and company restructuring specialist built a stake through his activist vehicle Trian Partners.
Chair Nils Andersen said Peltz would take a non-executive role at the Anglo-Dutch giant after "extensive and constructive discussions" were held with him and the Trian team.
Andersen added that the board believes his "experience in the global consumer goods industry will be of value to Unilever as we continue to drive the performance of our business".
Peltz said Trian believes the FTSE 100 group "is a company with significant potential, through leveraging its portfolio of strong consumer brands and its geographical footprint.
"Trian has made a considerable investment in Unilever. We look forward to working collaboratively with management and the board to help drive Unilever's strategy, operations, sustainability, and shareholder value for the benefit of all stakeholders."
The 79-year old billionaire has plenty of form when it comes to shaking things up at consumer brands businesses, having targeted Cadburys in 2007 and joining the board of its new owner Mondelez in 2014 after pushing for its merger with PepsiCo.
Heinz and Kraft Foods have also been in his crosshairs, while most recently he was embroiled in a bitter proxy fight in 2017 with Unilever’s main rival Procter & Gamble that was settled with him taking a seat on the board.
Since the start of 2018, P&G’s share price has risen by around 63%, with Unilever down 6% over that period.
He left the Fairy and Ariel maker in July last year with even P&G noting he had added considerable value to the business.