Sunday, 24 May 2015
Last updated 1 day ago
Jul 24 2014 | 10:01am ET
After going nowhere for the better part of a year, Trian Partners’ campaign against PepsiCo has won some much-needed new momentum.
The U.S.’s second-largest public pension fund has urged Pepsi to add Trian founder Nelson Peltz to its board. The move by the California State Teachers’ Retirement System comes a week after Peltz announced that, in spite of Pepsi’s resistance to his proposals, “we definitely haven’t disappeared from the scene.”
Trian owns a 0.8% stake in Pepsi and has pushed the company to split its snacks and beverage businesses. Pepsi rejected that proposal earlier this year.
Last week, Peltz promised “there will be action” and said that a proxy contest was a possibility. He added that he has met with about 100 of the company’s largest shareholders.
The alliance between Peltz and CalSTRS is not the first time the two have worked together. The pension is a Trian investor and has repeatedly backed its activist campaigns.
“While we agree that the short-term performance of the company is good, in looking at the three- and five-year performance of the company we notice that it lags behind the peer groups the company has selected,” CalSTRS spokesman Ricardo Duran said.
CalSTRS owns a 0.2% stake in Pepsi.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…