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Nelson Peltz

Nelson Peltz (born June 24, 1942) is an American billionaire businessman and investor. He is a founding partner, together with Peter W. May and Edward P. Garden, of Trian Partners, an alternative investment management fund based in New York.[1] He is non-executive chairman of Wendy's Company,[2] Sysco, and The Madison Square Garden Company. He is a former director of H.J. Heinz Company, Mondelēz International,[3] and Ingersoll Rand[4] and a former CEO of Triangle Industries.[5]

Nelson Peltz
Born (1942-06-24) June 24, 1942 (age 82)
New York City, U.S.
Known forFounder of Trian Partners
Political partyRepublican
Spouses
  • Cynthia Abrams
    ​
    ​
    (m. 1964; div. 1981)​
  • Claudia Heffner
    ​
    (m. 1985)​
Children10, including Will and Nicola
RelativesBrooklyn Beckham (son-in-law)

Early life and education

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Peltz was born to a Jewish family in 1942 in Brooklyn, New York, the son of Claire (née Wechsler; 1905–2007) and Maurice Herbert Peltz (1901–1977).[6][7][8][9] He was the youngest of their three children, and grew up in the Cypress Hills section of Brooklyn, a sub-section of the East New York neighborhood.[10]

He attended Horace Mann School in the Bronx.[11] Peltz attended the undergraduate program at the Wharton School of the University of Pennsylvania starting in 1960,[11] where he joined the fraternity of Phi Gamma Delta,[12] but left school in 1963, without receiving a degree.[7][13][14]

Business career

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Peltz dropped out of the Wharton School with the intention of becoming a ski instructor in Oregon.[15] However, he ended up driving a delivery truck for A. Peltz & Sons, a wholesale food distribution business founded by his grandfather in 1896, which delivered fresh produce and Snow Crop brand frozen food[16] to restaurants in New York.[17][7]

Peltz's father gave him free rein with the company, and over the next 15 years he and his older brother, Robert B. Peltz, grew the business, gradually shifting the product line from produce to institutional frozen foods.[18] Over the next 10 years, Peltz bought up several food companies, and in 1973, he and his brother together with Peltz's business partner, Peter May, who joined Peltz in 1972, took their company, then called Flagstaff Corp., with $150 million in sales, public.[7][15] In 1979, Peltz sold Flagstaff's foodservice business division to a group of investors. Two years later, the food service business went bankrupt and the lender asked Peltz to salvage their outstanding loan. Within a year, the loans were repaid as Peltz rebuilt the business.[18]

In the 1980s, Peltz and May, who had joined Flagstaff as Chief Financial Officer (CFO) after having been its accountant, went looking for new acquisitions.[citation needed] In April 1983, the two bought a stake in vending-machine and wire company Triangle Industries Inc. with the idea of using it to make acquisitions, building it into a Fortune 100 industrial company and the largest packaging company in the world.[19][20] Triangle was sold to Pechiney in 1988.[21][22]

In 1997, through an investment vehicle they controlled, Triarc Companies, Inc.,[23] Peltz and May acquired Snapple from Quaker Oats. Snapple, together with other beverage brands, was sold to Cadbury Schweppes in 2000. The Snapple turnaround was featured as a Harvard Business School case study.[23] Since May 2022, Peltz has been a non-executive director at Unilever.[24] In January 2024, Peltz unsuccessfully self-nominated for a position on the board of Disney.[25]

Trian Partners

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Main article: Trian Partners

In 2005, Peltz, May, and Ed Garden founded Trian Fund Management, L.P. As an activist investing firm, Trian has invested in such companies as Heinz,[26] Cadbury, Kraft Foods,[27] Ingersoll Rand,[28] Wendy's,[29] DuPont,[30] Mondelēz,[3] PepsiCo,[31] State Street Corporation,[32] Procter & Gamble[33] and Family Dollar.[34] [35]

Personal life

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Peltz's children, actors Will and Nicola, at the 2014 Toronto International Film Festival

Peltz has been married three times. In 1964, he married Cynthia Abrams, daughter of Emerson Radio & Phonograph Corporation co-founder Benjamin Abrams;[36] they divorced in 1981.[37] They had two children.[38]

In 1985, he married his third wife, Claudia Heffner, a former fashion model, with whom he has eight children.[17][39] Although Heffner never converted to Judaism,[40] their sons each had bar mitzvahs.[41][42]

Among Peltz's children are actors Nicola Peltz (born 1995)[43] and Will Peltz (born 1986). His son Brad Peltz (born 1989) was drafted by the Ottawa Senators hockey team, which Nelson Peltz himself was once rumored to have an interest in buying.[44] His daughter Nicola married Brooklyn Beckham, in a Jewish ceremony on April 9, 2022.[45][46]

Peltz resides at his home Montsorrel, in Palm Beach, Florida. The property was previously owned by Robert R. Young and his wife Anita.[47] In 2015, he began a refurbishment and expansion project for the property.[48] He also resides in Bedford, New York.[49]

Politics

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Peltz has been described as a "notable Republican donor",[50] though he has described his own sympathies as centrist, saying "this country operates way better between center-right and center-left".[51] He is a longtime friend and supporter of Democratic U.S. Senator Joe Manchin, whom he has credited with "keeping our elected officials somewhere in the middle".[52]

In 2020, Peltz organized a fundraiser in support of the re-election campaign of President Donald Trump, but following the storming of the United States Capitol on January 6, 2021, Peltz said on CNBC on January 7, "I voted for [Trump] in this past election in November. Today I'm sorry I did that."[53] During the 2024 Republican Party presidential primaries, Peltz was an early supporter of the campaign of Ron DeSantis, though he was later reported to express misgivings over DeSantis' support for banning abortion after the sixth week of pregnancy.[54] After Trump became the presumptive Republican nominee, Peltz said he would reluctantly vote for him, telling the Financial Times that he disagreed with President Joe Biden's immigration policies and expressing skepticism over Biden's age and health.[55]

Wealth and donations

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In February 2014, Forbes listed Peltz as one of the 25 highest-earning hedge fund managers in 2013, with total earnings of $430 million, ranked 16th.[56]

According to Forbes Magazine, Peltz had a net worth of $1.51 billion as of February 2017. This made him the 432nd-richest person in the US.[57] As of October 2021, his net worth was estimated at US$1.7 billion.[49]

In 2005, Peltz was among 53 entities that contributed the maximum of $250,000 to the second inauguration of President George W. Bush.[58][59][60] He is also a contributor to Jewish causes.[61] Peltz has sat on the Board of Trustees of New York-Presbyterian Hospital since 2019.[62]

Awards and recognition

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Peltz was said by the National Association of Corporate Directors (NACD) in 2010, 2011, and 2012 to be among the most influential people in global corporate governance.[63]

References

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  1. ^ "Company Overview of Trian Fund Management, L.P." Bloomberg Businessweek. Archived from the original on October 18, 2012. Retrieved April 4, 2012.
  2. ^ "Biography Nelson Peltz". Wendy's. Archived from the original on March 24, 2017. Retrieved April 5, 2012.
  3. ^ a b Duane D. Stanford (January 21, 2014). "Mondelez Names Peltz Director as Investor Seen Pushing Cuts". Bloomberg.com. Bloomberg. Archived from the original on August 18, 2014. Retrieved March 10, 2017.
  4. ^ Anupreeta Das and Sharon Terlep (August 13, 2012). "Activist Peltz Wins Board Seat At Ingersoll". The Wall Street Journal. Archived from the original on March 7, 2014. Retrieved March 14, 2017.
  5. ^ "Fortune 500". Fortune. Archived from the original on May 1, 2012. Retrieved April 3, 2012.
  6. ^ New York, New York, Birth Index, 1910–1965
  7. ^ a b c d Jewish Virtual Library: "Nelson Peltz" by Nancy A. Ruhling Archived December 13, 2014, at the Wayback Machine retrieved January 14, 2012
  8. ^ "Maurice Peltz, 76, Built Family Food Business Into a Major Marketer". The New York Times. September 6, 1977. Archived from the original on July 23, 2018. Retrieved July 23, 2018.
  9. ^ "Paid Notice: Deaths Peltz, Claire". The New York Times. April 12, 2007. Archived from the original on November 10, 2012. Retrieved February 11, 2017.
  10. ^ Current Biography Yearbook. H. W. Wilson Company. 2008.
  11. ^ a b Bruck, Connie (February 4, 2020). The Predators' Ball: The Inside Story of Drexel Burnham and the Rise of the Junk Bond Raiders. Simon and Schuster. ISBN 9781982144265 – via Google Books.
  12. ^ "Wall Street Frats". Business Insider. Archived from the original on February 16, 2013. Retrieved February 20, 2013.
  13. ^ Big Data Revolution: What farmers, doctors and insurance agents teach us about discovering big data patterns. John Wiley & Sons. January 5, 2015. ISBN 9781118943731. Archived from the original on October 27, 2020. Retrieved September 3, 2020.
  14. ^ "17 Fraternities With Top Wall Street Alumni". Business Insider. Archived from the original on October 27, 2020. Retrieved September 3, 2020.
  15. ^ a b Katherine Burton and Sree Vidya Bhaktavatsalam (September 20, 2012). "Peltz Gets $1 Billion as Activist Strategy Impresses". Bloomberg News. Archived from the original on January 25, 2015. Retrieved March 10, 2017.
  16. ^ Palm Beach Daily News: "Matisse - The Younger Coming" by Cholly Knickerbocker[permanent dead link‍] January 15, 1952 | "Frozen food heiress Gladys Peltz (Poppa owns Snow Crop)..."
  17. ^ a b Shawn Tully (March 19, 2007). "The Reinvention of Nelson Peltz". CNNMoney.com. Archived from the original on August 8, 2020. Retrieved August 3, 2020.
  18. ^ a b "Sale Won't End Career Of Peltz Food's Owner". The New York Times. August 26, 1988. Archived from the original on September 13, 2017. Retrieved February 11, 2017.
  19. ^ Cuff, Daniel F. (October 6, 1986). "Companies Built Up By Buyout Partners". The New York Times. Archived from the original on July 1, 2020. Retrieved March 8, 2020.
  20. ^ "Entrepreneurs Turn Tin Into Gold Sale Of Can Firm May Bring Owners $830 Million". Sun Sentinel. November 27, 1988. Archived from the original on May 26, 2013. Retrieved April 6, 2012.
  21. ^ "Pechiney SA launches a tender offer for Triangle Industries Inc from Trian Group LP". Thomson Reuters. January 13, 1989. Retrieved July 6, 2015.[permanent dead link‍]
  22. ^ Thebault, Reis. "Who is Michael Milken, the 'junk bond king' Trump just pardoned?". Washington Post. Archived from the original on February 23, 2020. Retrieved February 23, 2020.
  23. ^ a b John Deighton (February 4, 2002). "How a Juicy Brand Came Back to Life". Harvard Business School. Archived from the original on May 11, 2012. Retrieved April 6, 2012.
  24. ^ "Unilever PLC today announces the appointment of Nelson Peltz as a Non-Executive Director of the company". Unilever corporate website. May 31, 2022.
  25. ^ Neelakandan, Alex Sherman,Laya (January 18, 2024). "Nelson Peltz states his case for joining the Disney board". CNBC. Retrieved January 19, 2024.{{cite web}}: CS1 maint: multiple names: authors list (link)
  26. ^ Miles Weiss (February 14, 2013). "Peltz Helped Spur Heinz Turnaround Setting Stage for Bid". Bloomberg. Archived from the original on January 10, 2015. Retrieved March 10, 2017.
  27. ^ Antoine Gara (January 21, 2014). "Pepsi Challenge: Where's the Pact Between Mondelez and Trian?". TheStreet.com. Archived from the original on January 22, 2014. Retrieved March 8, 2014.
  28. ^ "Ingersoll-Rand to spin off security business -sources". Reuters. December 9, 2012. Archived from the original on September 24, 2015. Retrieved July 1, 2017.
  29. ^ Wiener-Bronner, Danielle (May 25, 2022). "Wendy's puts up the 'for sale' sign as costs rise". CNN. Retrieved May 26, 2022.
  30. ^ Jack Kaskey and Beth Jinks (August 15, 2013). "Peltz's Trian Said to Meet DuPont's CEO, Boosts Stake". Bloomberg. Archived from the original on May 13, 2014. Retrieved March 10, 2017.
  31. ^ "Let my Fritos go". The Economist. March 1, 2014. Archived from the original on October 7, 2017. Retrieved September 6, 2017.
  32. ^ Sharon Terlep (January 28, 2013). "State Street Stake Pared by Activist Investor". The Wall Street Journal. Archived from the original on December 4, 2014. Retrieved March 14, 2017.
  33. ^ "Trian Builds $3 Billion Stake in P&G". The Wall Street Journal. February 14, 2017. Archived from the original on November 2, 2019. Retrieved March 11, 2020.
  34. ^ Maureen Farrell (January 9, 2014). "Family Dollar: Next Retailer Up for Sale?". The Wall Street Journal. Archived from the original on November 16, 2017. Retrieved August 4, 2017.
  35. ^ "Michael Eisner Backs Disney CEO Iger Amid Board Fight With Activist Investors: 'The Company Is Now in Excellent Hands". Variety. March 22, 2024.
  36. ^ "Nuptials at the Plaza For Cynthia Abrams". The New York Times. June 11, 1964.
  37. ^ Gross, Michael (October 10, 2006). 740 Park: The Story of the World's Richest Apartment Building. Crown. ISBN 9780767917445.
  38. ^ Hart, Jordan; Nguyen, Britney; Mok, Aaron (February 9, 2023). "Meet the family of billionaire Nelson Peltz: From Brooklyn Peltz Beckham's wife to a former pro-hockey player, here's everything we know about his 10 kids". Business Insider. Retrieved July 25, 2023.
  39. ^ Tully, Shawn (March 16, 2007). CNN Money: "The reinvention of Nelson Peltz" Archived September 10, 2018, at the Wayback Machine
  40. ^ "Brooklyn Beckham, Nicola Peltz marry in Jewish wedding". Times of Israel. April 10, 2022. Retrieved April 10, 2022. Both Beckham and Peltz have Jewish heritage through their fathers....although Nelson's wife, former model Claudia Heffner, never converted to Judaism, he is a "devout Jew."
  41. ^ Judah, Jacob (July 13, 2020). "David Beckham's son Brooklyn engaged to American-Jewish heiress". The Jewish Chronicle. Retrieved August 15, 2020. Nelson Peltz, who has ten children, reportedly spent over $2,000,000 on the barmitzvah of his twin sons in 2016 and is a significant patron for Jewish causes in the US and Israel.
  42. ^ Creeden, Molly (November 2, 2014). "Will Peltz". Interview.
  43. ^ Baker, Tom (July 16, 2010). "'Airbender' ideal: Sweet but strong". Daily Yomiuri Online. Archived from the original on July 22, 2010. Retrieved July 20, 2010.
  44. ^ "Brad Peltz". EuroHockey.com. Retrieved March 12, 2014.
  45. ^ "David Beckham's son, Transformers star to have big Jewish wedding". The Times of Israel.
  46. ^ "Brooklyn Beckham, Nicola Peltz marry in Jewish wedding". Times of Israel. April 10, 2022. Retrieved April 11, 2022.
  47. ^ "Who exactly built Nelson Peltz's Palm Beach mansion, location of Beckham-Peltz wedding?".
  48. ^ Bandell, B. "Billionaire Nelson Peltz inks big mortgage on massive Palm Beach mansion" Archived May 28, 2015, at the Wayback Machine, South Florida Business Journal, May 8, 2015. Accessed May 28, 2015
  49. ^ a b "Forbes profile: Nelson Peltz". Forbes. Archived from the original on June 28, 2020. Retrieved October 15, 2021.
  50. ^ Viallancourt, William (April 18, 2022). "Joe Manchin Hobnobbed With Billionaire Trump Donors at Palm Beach Fundraiser". Rolling Stone. Retrieved July 25, 2023.
  51. ^ Closing Bell. CNBC. January 7, 2021. Trian Partners CEO Nelson Peltz Speaks with CNBC's Sara Eisen on "Closing Bell" Today.
  52. ^ Wade, Peter (October 21, 2021). "Billionaire Trump Donor Says He Has Joe Manchin's Ear: 'I Call Him Every Week'". Rolling Stone. Retrieved July 25, 2023.
  53. ^ Melin, Anders; Pendleton, Devon (January 8, 2021). "Billionaires Who Championed Trump Have Now Gone Largely Quiet". Bloomberg News. Retrieved January 8, 2021.
  54. ^ Man, Anthony (July 24, 2023). "Another Florida billionaire hedge-fund chief reportedly 'rethinking' support for Ron DeSantis presidential bid". Sun Sentinel. Retrieved July 25, 2023.
  55. ^ Agnew, Harriet (March 19, 2024). "Nelson Peltz to vote for Donald Trump over fears of Joe Biden's 'mental condition'". Financial Times. Retrieved March 19, 2024.
  56. ^ Vardi, Nathan (February 26, 2014), "The 25 Highest-Earning Hedge Fund Managers And Traders", Forbes, archived from the original on July 29, 2017, retrieved September 6, 2017
  57. ^ "Nelson Peltz". Forbes. Archived from the original on February 9, 2017. Retrieved February 20, 2017.
  58. ^ Drinkard, Jim (January 17, 2005). "Donors get good seats, great access this week". USA Today. Archived from the original on June 28, 2012. Retrieved May 25, 2008.
  59. ^ "Financing the inauguration". USA Today. January 16, 2005. Archived from the original on June 28, 2012. Retrieved May 25, 2008.
  60. ^ "Some question inaugural's multi-million price tag". USA Today. January 14, 2005. Archived from the original on June 28, 2012. Retrieved May 25, 2008.
  61. ^ Bloom, Nate (July 30, 2010). "Jewish Stars 7/30". Cleveland Jewish News. Retrieved September 7, 2010.
  62. ^ "Hospital Leadership - Board of Trustees". New York Presbyterian. Archived from the original on January 28, 2016. Retrieved July 7, 2019.
  63. ^ "Nelson Peltz". CNBC. Archived from the original on January 22, 2014. Retrieved March 4, 2014.
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