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 hedge fund 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.

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

(END) Dow Jones Newswires

May 31, 2022 03:18 ET (07:18 GMT)

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