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Nelson Peltz, Who Mocked Company’s Name, Departs Mondelez Board

Nelson Peltz, the billionaire activist investor, is leaving the board of Mondelez International Inc. as a director at Procter & Gamble Co. Peltz, 75, is being replaced by fellow Trian Fund Management partner Peter May, also 75. Debra Crew, 47, a US military intelligence officer and former chief executive officer of the tobacco company Reynolds American, was also added to the board, Mondelez said in a statement on Tuesday. Peltz joined the board in 2014, it was created in a split with Kraft Foods. He had pushed Chief Executive Officer Irene Rosenfeld, who was the founder of the company, to merge it with PepsiCo Inc. He was one of the world’s leading producers of Oreos and Ritz crackers.

Known for speaking his mind, Peltz once said that the name Mondelez “sounds like a disease.” The company’s moniker was unveiled in 2012 as a combination of the Latin words “world” and “delicious,” but it left many observers cold. Rosenfeld, 64, retired as CEO of Mondelez last year and will soon start the board. Peltz is preparing to join the board at P & G next month after contentious and costly battle. Trian discloses its $ 3.5 billion P & G stake Last year and launched the proxy fight in July, saying P & G had an unwieldy number of brands and that its “suffocating bureaucracy” was hurting its ability to compete. P & G will be the first board Peltz has joined in two years. – With assistance by Scott Deveau

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