Loeb’s letter, seen by Reuters, demanded that Nestle spin off more businesses that do not fit its strategy including ice cream, frozen foods, and confectionary; divide itself internally into three divisions - beverages, nutrition and grocery; and add an outsider to the board with expertise in the food and beverage business. Andrew Kelly , founder of $ $18 billion hedge fund Nestle , has called for food group Third Point 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. He also suggests that the firm should divide into three clear units – beverages, nutrition and grocery – each with its own CEO, to simplify the firm’s complex corporate structure.
Andrew Kelly , founder of $ $18 billion hedge fund Nestle , has called for food group Third Point 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. He also suggests that the firm should divide into three clear units – beverages, nutrition and grocery – each with its own CEO, to simplify the firm’s complex corporate structure.