Nelson Peltz

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Nelson Peltz (born June 24, 1942) is an American billionaire businessman and investor.

He is a founding partner, together with Peter W. May and Edward P. Garden, of Trian Fund Management, an alternative investment management fund based in New York.

He is non-executive chairman of Wendy's Company, and a director of Legg Mason, Mondelez International and Ingersoll Rand.

He is a former director of H.J.

Heinz Company, and a former chief executive officer (CEO) of Triangle Industries.

Early life and education

Peltz was born to a Jewish family in 1942 in Brooklyn, New York, the son of Claire (née Wechsler; 1905–2007) and Maurice Herbert Peltz (1901–1977). He was the second of their two children, and grew up in the Cypress Hills section of Brooklyn, a sub-section of the East New York neighborhood.

He attended Horace Mann School in the Bronx. Peltz attended the undergraduate program at the Wharton School of the University of Pennsylvania starting in 1960, where he joined the fraternity of Phi Gamma Delta, but dropped out in 1963 and never completed a degree.

Personal life

Peltz has been married three times. His third wife is Claudia Heffner, a former fashion model, with whom he has eight children. Among Peltz's children are actors Nicola Peltz and Will Peltz. His son Brad Peltz was drafted by the Ottawa Senators hockey team, which Nelson Peltz himself was once rumored to have an interest in buying. His daughter Nicola married Brooklyn Beckham (English footballer David Beckham's son), in a Jewish ceremony on April 9, 2022.

Peltz resides at his home Montsorrel, in Palm Beach, Florida. In 2015, he began a refurbishment and expansion project for the property. He also resides in Bedford, New York.

In 2020, Peltz organized a fundraiser in support of the re-election campaign of President Donald Trump, but following the storming of the United States Capitol on January 6, 2021, Peltz said on CNBC on January 7, "I voted for [Trump] in this past election in November. Today I'm sorry I did that."

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Business career

Peltz left the Wharton School in 1963 with the intention of becoming a ski instructor in Oregon. However, he ended up driving a delivery truck for A. Peltz & Sons, a wholesale food distribution company established by his grandfather in 1896 that sold fresh produce and Snow Crop brand frozen food to restaurants in New York.

Peltz's father gave him a free rein with the business over the next 15 years, and Robert B. Peltz, his older brother, expanded the company, gradually shifting the product line from produce to institutional frozen foods. Peltz acquired many food businesses over the next ten years, and when Peltz's company partner, Peter May, joined Peltz in 1972, the firm became Flagstaff Corp., which has $200 million in public sales. Peltz sold Flagstaff's foodservice business division to a consortium of investors in 1979. Peltz, the food service company, went bankrupt two years ago, and the lender pleaded for the repayment of the outstanding loan. As Peltz rebuilt the company, the loans were repaid within a year.

Peltz and his business partner, Peter May, who had been Flagstaff's chief financial officer since being its accountant, were looking for new acquisitions in the 1980s. Triangle Industries Inc., a vending machine and wire company, bought a stake in a vending-machine and wire company with the intention of making acquisitions, turning it into a Fortune 100 industrial company and the world's largest packaging company. In 1988, Triangle was sold to Pechiney.

Triarc Companies, Inc., Peltz, and May acquired Snapple from Quaker Oats in 1997 through an investment vehicle they owned. Snapple, as well as other beverage brands, was sold to Cadbury Schweppes in 2000. The Snapple revival was described as a Harvard Business School case study.

Peltz, May, and Ed Garden founded Trian Fund Management, L.P. in 2005. Trian was founded by Heinz, Cadbury, Kraft Foods, Ingersoll Rand, Wendy's, DuPont, Mondelz, Procter & Gamble, Procter & Gamble, and Family Dollar.

Trian was involved in a proxy race with Heinz in 2006 to elect five independent directors to Heinz's board. Trian succeeded in retaining two members on the board, including Peltz.

Trian bought a 33% stake in Cadbury-Schweppes in 2007 (Dr. Pepper Snapple). Cadbury Schweppes Americas Beverages was later spun off from the Cadbury Schweppes confectionery company. Trian purchased $1.8 billion in Kraft Foods' shares in 2007, roughly 3% of the company's total equity.

Triarc Cos. would merge with Wendy's in April 2008. The merger was completed on September 29, 2008. The new business was named Wendy's Arby's Group and listed on the New York Stock Exchange under the symbol WEN. Wendy's Arby's Arby sold Arby's to Roark Capital Group on July 25, 2011 and renamed it The Wendy's Company. Trian sold Family Dollar for $55–60 per share on February 15, 2011, according to CNBC.

Nelson Peltz's operations fund, Trian Partners, is looking at selling or merging for the burger chain in May 2022. Trian Partners is the burger chain's top share owner.

Trian disclosed that it had acquired an 8% interest in the Family Dollar business and that it was willing to participate in a take private LBO for the company worth ranging from $7 to $8 billion. The company's board and board of directors rejected this offer. Ed Garden, Trian's Chief Investment Officer, joined the Family Dollar board in September 2011.

Peltz was elected to the Ingersoll-Rand board of directors in 2012. In late 2012, the corporation unveiled major initiatives to raise shareholder value. Peltz resigned from the Ingersoll-Rand board in 2014 after the spin-off of Allegion.

Trian held a 12.5 billion interest in DuPont as a result of August 2013.

Peltz was elected to the board of directors of Mondelz International in January 2014 as one of the company's top shareholders with a new beneficial ownership of more than 46 million shares.

Trian, the beneficial owner of approximately $1.2 billion of PepsiCo Inc. common stock, and a white paper detailing why splitting global snacks and beverages into two separate public companies would be the right long-term investment for the company and will provide significant shareholder value. Trian said that it would immediately involve coworkers in a public dialogue with the aim of establishing a base of support for a separation of snacks and beverages.

Trian was disqualified in a bitter proxy campaign to appoint four of its nominees to the board of DuPont in May 2015. Ellen Kullman, DuPont's CEO, resigned five months later; DuPont acknowledged lower than anticipated salaries and the need to ramp up a cost-cutting initiative five months later.

Trian acquired a $2.5 billion interest in General Electric in October 2015.

Peltz attempted to join the board of Procter & Gamble in October 2017, but Trian holds a 1.5% interest. Peltz won the proxy war, which Peltz claimed to have resulted in a close match, on November 15, 2017. Peltz was welcomed to the board of Procter & Gamble on December 15, though the company stated that Peltz had nominally lost the proxy vote.

Peltz reported his resignation from Mondelez International's board in February 2018 and was replaced by Trian partner Peter May. Peltz joined the Procter & Gamble board of directors in March 2018.

Peltz, a Canadian cannabis grower, joined Aurora Cannabis in March 2019. Peltz's Trian, a North American plumbing and heating company, announced an investment in Ferguson, plc, a distributor of plumbing and heating products.

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