By Michael Susin

Unilever PLC said Tuesday that it has appointed activist investor Nelson Peltz as a nonexecutive director with effect from July 20.

Mr. Peltz runs the activist hedgefund Trian Fund Management LP, which holds a stake of around 1.5% in Unilever.

The fund had potentially been adding pressure to the packaged-food and consumer-goods giant since its failed $68 billion bid for GlaxoSmithKline PLC's consumer-health business in January.

"We have held extensive and constructive discussions with him and the Trian team and believe that Nelson's experience in the global consumer-goods industry will be of value to Unilever as we continue to drive the performance of our business," Chairman Nils Andersen said.

Trian Fund also said it will disclose further information regarding its investment in Unilever at an appropriate time.

"Unilever has significant potential and Trian looks forward to working collaboratively with Unilever's management and board to help drive the company's strategy, operations, sustainability and shareholder value," Trian said.

Shares at 0728 GMT were up 257.0 pence, or 7.4%, at 3,752.5 pence.

Write to Michael Susin at michael.susin@wsj.com

(END) Dow Jones Newswires

May 31, 2022 03:51 ET (07:51 GMT)

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