August 17, 2006 |
H.J. Heinz Co., fighting billionaire investor Nelson Peltz's bid to restructure the company, said Wednesday that Peltz might have enough shareholder votes to place nominees from his five-member slate on the company's board. Chief Executive William Johnson said after Wednesday's annual meeting that he was optimistic that Peltz wouldn't win as many as four seats on the board of Heinz, the world's largest ketchup maker. Vote totals won't be available for weeks.
August 11, 2006 |
H.J. Heinz Co. said the California Public Employees' Retirement System, or CalPERS, the largest U.S. public pension fund, would vote its 1.66 million Heinz shares to reelect all 12 members of the company's board. Heinz said CalPERS' support reinforced the food company's position in its proxy fight with investor Nelson Peltz and his Cayman Islands-based hedge fund.
June 2, 2006 |
H.J. Heinz Co. said Thursday that its fourth-quarter profit fell 19%, and that it planned to slash 2,700 jobs and exit 15 plants in an effort to cut costs and boost profit. The company, best known for its namesake ketchup, has faced pressure from billionaire investor Nelson Peltz to increase shareholder returns. Peltz's Trian Fund Management criticized the restructuring plan Thursday, saying it doesn't go far enough.
May 25, 2006 |
H.J. Heinz Co. said it had rejected investor Nelson Peltz's demand for board representation. Pittsburgh-based Heinz also said Peltz's demand to cut annual costs by $575 million was "unrealistic."
May 24, 2006 |
H.J. Heinz Co. received a proposed growth strategy Tuesday from a group of shareholders led by billionaire investor Nelson Peltz, who has sought to pressure the food maker into boosting returns. Investment firms Trian Fund Management and Sandell Asset Management Group outlined the proposal in a filing with the Securities and Exchange Commission. They own about 5.4% of the company's stock.
April 25, 2006 |
H.J. Heinz Co. told investors that it would meet its financial goals for 2006 and that it expected further growth next year after a successful restructuring effort. The Pittsburgh-based food maker forecast 2006 earnings of as much as $2.16 a share and 2007 growth per share of 8%. The guidance came amid mounting pressure from a group led by billionaire investor Nelson Peltz, who wants to force Heinz to more aggressively manage its cash.