June 24, 1942 |
Brooklyn, New York, United States
|Residence||Bedford, New York
Palm Beach, Florida
|Occupation||Chief Executive Officer & Founding Partner of Trian Fund Management, L.P.|
|Net worth||US$ 1.93 billion (July 2015)|
|Board member of||Wendy's Company (Chairman)
Mondelēz International Inc.
Ingersoll Rand plc
Legg Mason, Inc.
|Spouse(s)||wife 1 (divorced)
wife 2 (divorced)
|Children||10 (8 with Heffner)|
Nelson Peltz (born June 24, 1942) is an American businessman and a founding partner, together with Peter W. May and Edward P. Garden, of Trian Fund Management. L.P., an alternative investment management fund, based in New York. He is non-executive chairman of the Board of The Wendy's Company and a director of Legg Mason, Mondelēz International and Ingersoll Rand. He was formerly a director of H.J. Heinz Company. He was also formerly the Chief Executive Officer of Triangle Industries.
Early life and education
Peltz was born in 1942 in Brooklyn, New York, and is Jewish, the son of Claire (née Wechsler) and Maurice Herbert Peltz. Peltz was enrolled at the undergraduate program at the Wharton School of the University of Pennsylvania, where he joined the Fraternity of Phi Gamma Delta, but never completed his degree.
In 1963, he dropped out of the University of Pennsylvania’s Wharton School 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 business founded by his grandfather Adolph in 1896, which delivered fresh produce and frozen food (Snow Top) to restaurants in New York.
His father gave him free rein with the company, and over the next 15 years he and his older brother, Robert B. Peltz, grew the business gradually shifting the product line from produce to institutional frozen foods. Over the next 10 years, Peltz bought up several food companies, and in 1972, he and his brother took their company, then called Flagstaff Corp., with $150 million in sales, public. In 1982 his brother Robert bought back the assets of Peltz Food from Flagstaff after it went bankrupt.
In the 1980s, Peltz and his business partner, Peter May, who had joined Flagstaff as chief financial officer after having been its accountant, went looking for new acquisitions. In April 1983, the two bought a stake in vending-machine and wire company Triangle Industries Inc. with the idea of using it to make acquisitions, building it into a Fortune 100 industrial company. Triangle was sold to Pechiney in 1988.
In 1997, through an investment vehicle they controlled, Triarc Cos, Peltz and May acquired Snapple, from Quaker Oats. Snapple, together with other beverage brands was sold to Cadbury Schweppes in 2000. The Snapple turnaround was featured as a Harvard Business School case study.
In 2005, Peltz, May, and Ed Garden, founded Trian Fund Management, L.P. As an activist investing firm, Trian has invested in such companies as Heinz, Cadbury, Kraft Foods, Ingersoll Rand, Wendy’s, DuPont, Mondelēz, PepsiCo, State Street Corporation  and Family Dollar.
In 2007, Trian bought a 3% share of Cadbury-Schweppes. Cadbury Schweppes Americas Beverages was later spun off from the Cadbury Schweppes confectionery group. In 2007, Trian also bought $1.8 billion in shares of Kraft Foods, roughly a 3% of the total equity of the food maker.
On April 24, 2008, it was announced that Triarc Cos. would merge with burger chain Wendy's. The merger was completed on September 29, 2008. The new company was named Wendy's Arby's Group and traded on the New York Stock Exchange under the symbol WEN. On July 25, 2011, Wendy's Arby's sold Arby's to Roark Capital Group and changed its name to The Wendy's Company.
In mid-February 2011, Trian, announced it had accumulated an 8% stake in the Family Dollar company and indicated a willingness to participate in a take private LBO for the company with a total value of about $7 to $8 billion. This overture was rejected by the company management and board of directors. In September 2011, Ed Garden, Trian’s Chief Investment Officer, joined the Family Dollar board.
In January 2014, as one of the company’s largest shareholders, with a current beneficial ownership of more than 46 million shares, Peltz was appointed to the Board of Directors of global snacking company, Mondelēz International (NASDAQ: MDLZ).
In February 2014, as a beneficial owner of approximately $1.2 billion of PepsiCo, Inc. (NYSE: PEP) common shares Trian publicly released a letter to PepsiCo’s Board of Directors and a white paper detailing why separating global snacks and beverages into two independent public companies would be the right long-term decision for the business and would create substantial value for shareholders. Trian said it would immediately begin to engage fellow shareholders in a public dialogue with the goal of creating a groundswell of support for a separation of snacks and beverages.
In February 2014 Forbes listed Nelson Peltz as one of the 25 Highest-Earning hedge fund managers in 2013. His 2013 total earnings was $430 millions, ranked 16th among the 25 top earning hedge fund managers.
In May 2015, Trian was unsuccessful in a bitter proxy context to appoint four of its nominees to the board of DuPont. Five months later the CEO of DuPont, Ellen Kullman, resigned; at the time DuPont acknowledged lower than expected earnings and the need to accelerate a cost-cutting plan.
Peltz has been married three times. His third wife is Claudia Heffner, a former fashion model, with whom he has eight children. He has two children from his prior marriages. Among Peltz's children are actors Nicola Peltz and Will Peltz. His son Brad Peltz was a professional ice hockey player who played in the ECHL during the 2012–13 ECHL season.
Peltz resides in Bedford, New York. He also owns Montsorrel, which is his house in Palm Beach, Florida previously owned by Anita Young, the sister of Georgia O'Keeffe. He has recently begun a refurbishment and expansion project for the property.
In 2005, Peltz was among 53 entities that contributed the maximum of $250,000 to the second inauguration of President George W. Bush. He is also a heavy contributor to Jewish causes and has been described by The New York Times as a "compassionate leader" of the New York Jewish community.
Awards and recognition
He was recognized by the National Association of Corporate Directors (NACD) in 2010, 2011 and 2012 as among the most influential people in global corporate governance.
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- Chris Burritt (March 3, 2011). "Family Dollar Rejects Buyout Offer From Peltz's Trian, Adopts Poison Pill". Bloomberg.
- "Family Dollar Appoints Edward Garden of Trian Partners to Board of Directors". Bloomberg. September 29, 2011.
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- "Activist investor Nelson Peltz joins Mondelez board". ChicagoTribune. Retrieved 7 February 2014.
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- Vardi, Nathan (Feb 26, 2014), "The 25 Highest-Earning Hedge Fund Managers And Traders", Forbes
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- Trian Fund Management, L.P. website
- Triarc Companies, Inc. info
- Nelson and Claudia Peltz Family Foundation Tax Exempt/NonProfit Organization Information