On Monday, April 28th Glass Lewis hosted two conference calls to discuss the DuPont proxy contest. One call was with Trian Fund Management and the other call was with management and directors from DuPont.
The annual meeting of DuPont involves a contested election of directors. The Company has nominated 12 candidates to the board who would each serve a one-year term. In contest to the Company’s nominees, Trian Fund Management has nominated four candidates, including its co-founder and CEO Nelson Peltz, to serve on the board. Trian also will support the election of eight of the Company’s nominees. Trian owns 2.7% of the Company’s outstanding shares, making it DuPont’s fifth-largest shareholder.
Speakers:
Trian Fund Management call
Nelson Peltz, Dissident Nominee, CEO & Founding Partner of Trian
Art Winkleblack, Dissident Nominee, Former EVP & CFO at H.J. Heinz
Bob Zatta, Dissident Nominee, Former CEO and CFO at Rockwood Holdings
John Myers, Dissident Nominee, Former President & CEO of GE Asset Management
Ed Garden, CIO & Founding Partner of Trian (alternate nominee)
Dupont call
Ellen Kullman, Chair & CEO, DuPont
Sandy Cutler, Lead Director, DuPont
Ed Breen, Director, DuPont
Glass Lewis participants on both calls
Mark Grothe, Senior M&A and Contests Research Analyst, Glass, Lewis & Co.
Warren Chen (Moderator), Managing Director, M&A and Contests, Glass, Lewis & Co.
LISTEN TO REPLAY HERE – Trian call
LISTEN TO REPLAY HERE – DuPont call
Note: Conference calls are audio only