Activist hedge fund manager Nelson Peltz has joined the board of directors at Ingersoll Rand as the company moved to avoid a proxy fight.
Peltz's Trian Fund Management owns a 7% stake in the air conditioning and security systems maker, which it says should be restructured or broken up. It has also pushed to boost its operating margins and called for Ingersoll to take on debt to improve shareholder value.
Trian said it is evaluating those proposals and others, but that having Peltz on the board will not accelerate the process.
Peltz refused an offer to join the board in July, citing Ingersoll's plan to prevent him from calling an extraordinary general meeting. Ingersoll has dropped that restriction. Peltz will serve on Ingersoll's corporate governance and nominating and finance committees.