Trian Fund Management, the firm of financier Nelson Peltz, has launched a proxy fight against $36B chemical giant DuPont Co., a showdown the Wall Street Journal called one of the biggest battles ever initiated by an activist investor.
Trian, which owns 2.7% of DuPont with a stake worth about $1.8B, has engaged Sard Verbinnen & Co. for PR and proxy solicitor MacKenzie Partners as it pushes a slate of four board candidates – including Peltz, himself -- and raps the company's current board for not holding management accountable for revenue failures and "underperformance."
Anne Tarbell heads communications and IR for Trian. Sard chairman/CEO George Sard heads the Trian work at his firm.
Peltz wants DuPont to nix its conglomerate structure and separate into three companies covering agriculture/nutrition/health, performance materials/electronics, and performance chemicals.
DuPont on Jan. 8 defended the board and management's performance, adding its corporate governance committee will review the Trian slate to make a recommendation to shareholders.
"Despite numerous efforts to engage constructively, including multiple calls and meetings with our CEO, CFO and lead independent director, Trian has chosen this path with the potential to disrupt our company at a key stage of execution against our plan," Wilmington, Del.-based DuPont said in a statement.
DuPont media relations chief Dan Turner has not yet been reached about the company's outside PR counsel.
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