(Reuters) - Activist investor Nelson Peltz will leave the board of Mondelez International Inc, but keep the seat for his hedge fund, after saying he was happy with the progress made by the confectionary company since he joined in 2014.
Peltz, Trian’s founder and chief executive, will step down next month in order to devote more time to the other boards he sits on. He will be replaced by Trian President Peter May.
Mondelez on Tuesday also named former Reynolds American CEO Debra Crew to its board.
Peltz’s exit from Mondelez comes two months after he joined the board of consumer goods giant Procter & Gamble despite narrowly losing a contentious proxy fight that was the biggest ever involving a U.S. company.
Shares of East Hanover, New Jersey-based Mondelez climbed 20 percent during Peltz’s stint at its board.
“As a large shareholder, Trian remains a strong believer in the future success of Mondelez International. The company is well positioned to continue to create value for its shareholders under Dirk,” Peltz added, referring to Dirk Van de Put, who became Mondelez’s CEO in November.
Peltz took a seat on Mondelez’s board in a compromise agreement, that resulted in him ending his campaign to have snacks and beverage maker PepsiCo Inc take over the company. His fund still controls a nearly 3 percent stake in Mondelez.
Mondelez last month reported fourth-quarter profit ahead of Wall Street estimates, benefiting from strong demand for Cadbury Dairy Milk and Oreo cookies in Europe and growth in emerging markets.
Shares of the company fell 1 percent to $42.08 on Tuesday morning.
Reporting by Siddharth Cavale and Sangameswaran S in Bengaluru; Editing by Sai Sachin Ravikumar