NORTHFIELD, Ill. Kraft Foods has nominated two independent members endorsed by activist investor Nelson Peltz to its board of directors.
Lois Juliber, 58, retired vice chairman and chief operating officer of Colgate-Palmolive Co., and Frank Zarb, 72, managing director of private-equity firm Hellman & Friedman LLC were tapped today to fill the vacant board positions.
Peltz, whose hedge-fund firm, Trian Fund Management LP, with a stake of more than 2 percent in Kraft, has signed a standstill agreement with the company to vote for all of Kraft’s board nominees for the next two election cycles and not to increase its stake in the company to more than 9.9 percent
Peltz also has been pressing Kraft, the world’s second-largest packaged food company, to focus on its strongest brands. The company recently revealed plans to increase overseas presense by acquiring Groupe Danone SA’s global biscuits business and announced the sale of its Veryfine and Fruit?O beverage brands.