Daniel Loeb, founder of $18bn hedge fund Third Point, has called for food group Nestle to spin off businesses and restructure as a matter of urgency. In a letter to the Nestle board, he urges the company to shed businesses that do not fit its strategy and bring to the board a member with expertise in the food and beverage sphere. But his letter made clear that Third Point is no longer willing to keep its critiques behind closed doors. The letter, which was sent on Monday evening, is addressed to the company’s chief executive, Peter Brabeck-Letmathe, who will be replaced by his deputy, Jan de Goeij.
Daniel Loeb, founder of $18bn hedge fund Third Point, has called for food group Nestle to spin off businesses and restructure as a matter of urgency. In a letter to the Nestle board, he urges the company to shed businesses that do not fit its strategy and bring to the board a member with expertise in the food and beverage sphere. The letter, which was sent on Monday evening, is addressed to the company’s chief executive, Peter Brabeck-Letmathe, who will be replaced by his deputy, Jan de Goeij.