Processing Magazine

Heinz certifies vote giving two dissidents board seats

September 19, 2006

Billionaire Nelson Peltz and another dissident investor who sought changes at H.J. Heinz Co. were elected to the ketchup maker''s board, according to officially certified results released last Friday. According to the Associated Press, the official results confirmed preliminary vote counts made public Sept. 8. Peltz and his ally, Michael F. Weinstein, won seats on the 12-member board along with 10 of the 12 people Heinz nominated. Peltz, 64, and Weinstein were elected following a long battle over how to lift the company''s sagging stock price. Peltz and his Trian Group, collectively Heinz''s second-largest shareholder with a $750 million ownership stake, nominated five candidates to the Heinz board earlier this year as part of an effort to force the company to ratchet up shareholder returns.