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Nonexecutive Director: Unilever stock closes in rally mode: Unilever brings activist investor Nelson Peltz to board | news

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Effective July 20, Peltz was appointed non-executive director, Unilever plc announced.

Peltz heads the hedge fund Trian Fund Management LP, which holds around 1.5 percent of the group. The fund announced the investment in January after Unilever’s $68 billion bid for GlaxoSmithKline plc’s consumer health business fell through. The entry may have put Unilever under pressure.

“We have had extensive and constructive discussions with him and the Trian team and are confident that Nelson’s experience in the global consumer goods industry will be of great value to Unilever as we continue to improve the performance of our company,” said Chairman Nils Andersen according to the notification.

In London trading, Unilever shares rose 9.43 percent to £38.25.

By Michael Susin

LONDON (Dow Jones)

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