Mondelez adds activist investor Peltz to board

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Associated Press

Posted on January 21, 2014 at 6:01 AM

Updated Tuesday, Jan 21 at 6:02 AM

NEW YORK (AP) — Oreo cookie maker Mondelez International says it gave activist investor Nelson Peltz a seat on its board.

The company says Peltz will also be among its nominees for election at its 2014 annual meeting of shareholders.

Peltz of Trian Fund Management has said that Mondelez needs to improve its performance since splitting from Kraft Foods in October of 2012. He has also called for PepsiCo to spin off its drinks business and merge its Frito-Lay food business with Mondelez to create a snacking giant.

Both Mondelez and PepsiCo have indicated they're not interested in such a deal.

As one of Mondelez's largest shareholders, Peltz said Trian sees "enormous opportunities in the company's portfolio of strong global brands."

Mondelez also makes Chips Ahoy cookies, Trident gum and Ritz crackers.

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