"We have been searching for independent directors since we became a fully public company," asid Nancy Daigler, a spokesperson for Kraft (KFT).
Well, of course you have been. But, Nelso Peltz has held a gun to your head, so why explain it any other way. Kraft is bowing to pressure from activist investor Nelson Peltz, is nominating two independent members endorsed by Mr. Peltz to its board of directors," according to The Wall Street Journal.
As part of the deal, Peltz will vote for the board for the next two election cycles and promised not to increase his holdings in the company to over 9.9%.
Aside from all of that, the two new board members are completely independent.
Douglas A. McIntyre
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