Insiders

Activist investor Peltz says GE CEO Culp is doing a good job

September 19, 2019 at 12:11 pm EDT

NEW YORK (Reuters) - Lawrence Culp has held the top job at General Electric for nearly one year and on Thursday one of the industrial conglomerate's biggest shareholders, activist investor Nelson Peltz, gave him a shout-out for being "fantastic."

"Larry Culp is a star," said Peltz who runs $9-billion hedge fund Trian Partners, adding "he knows how to run a business. He is fantastic."

Peltz was speaking at the CNBC Institutional Investor Delivering Alpha conference in New York roughly four weeks after forensic accountant Harry Markopolos issued a report in August alleging that GE is concealing deep financial problems.

Culp said Markopolos’ 175-page report contained factual errors and constituted “market manipulation - pure and simple,” because Markopolos stood to profit from short-selling tied to its release.

Culp, named to the GE board in early 2018, was elevated to CEO that October when the board ousted John Flannery. Peltz said on Thursday that his work on the board gave him a better sense of what was happening at the company so that he was more prepared for the problems awaiting him.

Trian has held a seat on the GE board since 2017.

(Reporting by Svea Herbst-Bayliss; Editing by Nick Zieminski)

By Svea Herbst-Bayliss

Stocks mentioned in the article

Add to a list Add to a list 0 selected To use this feature you must be a member Log in Sign up	Price	Change	5d. change	Capi.
GE AEROSPACE	148.1 USD	-3.19%	-4.25%	167B
CULP, INC.	4.54 USD	+1.34%	+2.25%	55.87M
DEERE & COMPANY	400.3 USD	-0.07%	+0.77%	112B

Nelson Peltz

Nelson Peltz (born June 24, 1942) is an American businessman and a founding partner, together with Peter W. May and Edward P. Garden, of Trian Fund Management. L.P., an alternative investment management fund, based in New York.

Early life and education
Peltz was born in 1942 to a Jewish family in Brooklyn, New York, He was enrolled at the undergraduate program at the Wharton School of the University of Pennsylvania, where he joined the Fraternity of Phi Gamma Delta, but never completed his degree. Triangle was sold to Pechiney in 1988.

In 1997, through an investment vehicle they controlled, Triarc Cos, 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.

In 2006 Trian was involved in a proxy contest with Heinz to get five independent directors on the board of Heinz. In the end Trian succeeded in getting two members on the board, including Peltz.

In 2007, Trian bought a 3% share of Cadbury-Schweppes which may have influenced the spin-off of Cadbury Schweppes Americas Beverages from the Cadbury Schweppes confectionery group. In 2007, Trian also bought $1.8 billion in shares of Kraft Foods, roughly a 3% of the total equity of the food maker.Cite news| url = |title= Peltz Has His Slic

Source @ Wikipedia

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Linked companies
Trian Partners General Partner LLC Trian Partners General Partner LLC Miscellaneous Commercial ServicesCommercial Services Trian Partners General Partner LLC provides business services related to hedge funding. The company is the general partner of Trian Onshore, Trian Offshore, and Trian Offshore (Non-ERISA). It is located in New York, NY.	Chief Executive Officer
Trian Fund Management LP Trian Fund Management LP Investment ManagersFinance Trian Fund Management LP (Trian) is an independent, SEC-registered investment advisor and hedge fund manager headquartered in New York City. The firm was founded by Nelson Peltz, Edward Garden and Peter May in 2005 and do-business-as Trian Partners. Trian provides discretionary investment advisory services to a variety of domestic and offshore private investment partnerships and other investment vehicles.	Chief Executive Officer

Linked companies