HJ Heinz Company has today (16 June) filed a statement with the Securities and Exchange Commission urging shareholders to opt for Heinz’s slate of director nominees rather than those of Nelson Peltz and his Cayman Islands-based hedge fund.

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The Trian Fund and Sandell Asset Management, activist investors led by billionaire Peltz, are bidding to elect five of its nominees to the 12-member Heinz board of directors.


The Heinz filing has said Trian’s plans “would cripple Heinz,” and that Peltz’s nominees would bring his “self-interested and divisive voice” to the Heinz board.


“Heinz is already implementing an aggressive strategic plan, which will deliver sustainable growth and superior value for all shareholders,” the company said.


The Trian Fund has questioned Heinz’s management accountability, and “inability to deliver on its plans and promises to date.”

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Heinz chairman, president and CEO William Johnson said: “We listen carefully to all our shareholders and value their opinions. Mr Peltz does not need board representation for his voice to be heard and his voice deserves no special preferences over the voices of all our other important shareholder constituencies.
 
“It is not in the best interest of Heinz shareholders to support Mr Peltz’s proposed slate of directors because his plan and his presence on the board would disrupt the strong momentum of our business. A vote for Heinz’s involved, independent and experienced directors will ensure that Heinz remains focused on delivering superior value for the benefit of all shareholders.”