Activist investor Peltz to join Ingersoll-Rand's board

Mon Aug 13, 2012 5:38am EDT

Nelson Peltz, one of the principles of the Trian Group, addresses the audience at the H.J. Heinz Co. annual shareholder's meeting in Pittsburgh, Pennsylvania August 16, 2006. REUTERS/Jason Cohn

Nelson Peltz, one of the principles of the Trian Group, addresses the audience at the H.J. Heinz Co. annual shareholder's meeting in Pittsburgh, Pennsylvania August 16, 2006.

Credit: Reuters/Jason Cohn

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(Reuters) - Ingersoll-Rand Plc (IR.N) named Nelson Peltz as board member, months after the activist investor pushed for changes at the manufacturer of air conditioners and security systems.

Peltz will also join the Corporate Governance and Nominating Committee and the Finance Committee of Ingersoll Rand's Board of Directors.

The move averts a potential proxy fight between Ingersoll and Peltz, whose fund Trian Fund Management LP has a 7 percent stake in the company.

Ingersoll has said it is evaluating a number of strategic options, including those put forth by Peltz. It expects to complete its review by the end of this year.

Peltz's Trian Fund Management has made proposals such as separating Ingersoll's main business units into three standalone publicly traded companies.

Peltz had declined to join Ingersoll's board in June, citing restrictions imposed on him by the company at the time.

The Wall Street Journal had earlier reported the appointment.

(Reporting by Juhi Arora in Bangalore; Editing by Chris Gallagher and David Holmes)

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