08.09.2006 16:42:00
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Trian Group Nominees Nelson Peltz and Michael Weinstein Elected to the Heinz Board
"This is a big victory for all Heinz shareholders. There isclearly a desire for positive change at Heinz, and we are gratified bythe apparent election of Nelson Peltz and Michael F. Weinstein to theBoard, and the mandate shareholders have given us to help reinvigorateHeinz and unlock the full value of its iconic brands. Messrs. Peltzand Weinstein are eager to begin working productively with the othermembers of the Heinz Board, management and the Company's talentedemployees to create sustained performance improvement and long-termvalue for the benefit of all shareholders."
About Nelson Peltz
Mr. Peltz has been Chief Executive Officer and a founding partnerof Trian Fund Management, L.P., a management company for variousinvestment funds and accounts, since November 2005. Mr. Peltz has alsobeen a director and Chairman and Chief Executive Officer of TriarcCompanies, Inc., since April 1993. Triarc Companies, Inc. is a holdingcompany, which owns Arby's Restaurant Group, Inc. and is in the assetmanagement business through Deerfield Capital Management LLC. Mr.Peltz also has interests in various investments.
Mr. Peltz was Chairman and Chief Executive Officer and a directorof Triangle Industries, Inc. from 1983 until December 1988, when thatcompany was acquired by Pechiney, S.A., a leading international metalsand packaging company. Mr. Peltz began his career in 1963 when hejoined his family food business.
Mr. Peltz is a director of Deerfield Triarc Capital Corp., wherehe is Chairman of the Board and serves on the investment committee.Mr. Peltz is Co-Chairman of the Board of Directors of the SimonWiesenthal Center and Chairman of the New York Tolerance Center. Inaddition, Mr. Peltz is a member of the Board of Directors of ProstateCancer Foundation (formerly known as CaP CURE), the Board of Directorsof the Trooper Foundation and the Board of Directors of PAL. He isalso a member of the Board of Overseers of The Milken Institute and amember of the Board of Trustees of the Intrepid Museum Foundation. Mr.Peltz attended The Wharton School of the University of Pennsylvania.
About Michael F. Weinstein
Mr. Weinstein has been Chairman of INOV8 Beverage Company LLCsince he co-founded the company in January 2005. INOV8 BeverageCompany is a marketer and developer of beverage products and concepts.
From January 2004 to December 2004, and from 1994 through August1995, Mr. Weinstein served as a consultant for Liquid Logic, a privatebeverage consulting company he founded in 1994. From December 2001 toDecember 2003, Mr. Weinstein was President, Global Innovation andBusiness Development for Cadbury Schweppes plc, a beverage andconfectionary company. Prior to that, he was Chief Executive Officerof Snapple Beverage Group (formerly Triarc Beverage Holdings Corp.), aproducer of beverage products from April 1997 to November 2001, duringwhich time it was a subsidiary of Triarc Companies, Inc. throughOctober 2000 and subsequently of Cadbury Schweppes plc. At the sametime, Mr. Weinstein also served as Chief Executive Officer of SnappleBeverage Corp., Royal Crown Company, Inc. and Mistic Brands, Inc.,each subsidiaries of Snapple Beverage Group, from May 1997, October1996 and August 1995, respectively. From 1981 until 1993, he served invarious executive capacities at A&W Brands, Inc., including Presidentand Chief Operating Officer. From 1978 to 1981, he was a VicePresident at Kenyon & Eckhardt Advertising. He began his career atPepsi-Cola Company, where he held various sales and marketingpositions from 1972 to 1978.
Mr. Weinstein is a board member of the National Federation forTeaching Entrepreneurship. In addition, Mr. Weinstein is on theexternal affairs committee of Lafayette College and is a sectionsecretary for the Harvard Business School. He is also an activevolunteer with the American Red Cross, Juvenile Diabetes ResearchFoundation and Food-PATCH and is a frequent speaker for variouscharities including Junior Achievement and the Police Athletic League.He received a bachelor's degree with honors in Economics fromLafayette College in 1970 (Phi Beta Kappa) and received an MBA fromthe Harvard Business School in 1972.
About Trian Fund Management, L.P. and Sandell Asset ManagementCorp.
Investment funds and accounts managed by Trian Fund Management,L.P. ("Trian"), together with an investment fund managed by SandellAsset Management Corp. (and affiliated companies) ("Sandell") arecollectively referred to as the "Trian Group."
Trian, based in New York, is an investment management firm whoseprincipals are Nelson Peltz, Peter W. May and Edward P. Garden. Trianseeks to invest in undervalued and under-performing public companiesand prefers to work closely with the management of those companies toeffect positive change through active, hands-on influence andinvolvement, which it refers to as "operational activism." Trian'sgoal is to enhance shareholder value through a combination ofstrategic re-direction, improved operational execution, more efficientcapital allocation and stronger management focus. Trian's principalsand investment team have extensive experience in reviving consumerbrands, including the highly successful turnaround of Snapple BeverageCorp.
Sandell, based in New York, NY, is an investment management firmfounded by Thomas E. Sandell that focuses on corporate event driveninvesting worldwide. Sandell often will take an "active involvement"in facilitating financial or organizational improvements that willaccrue to the benefit of shareholders.
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