Tuesday, 4 August 2015
Last updated 15 hours ago
Aug 15 2012 | 10:07am ET
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.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…