Michael D. White Joins Trian as an Advisory Partner

Expands Advisory Group to Four Former CEOs With Deep Leadership and Operational Experience

NEW YORK--()--Trian Fund Management, L.P. (“Trian”) today announced the addition of Michael D. White, former Chairman, President and Chief Executive Officer of DIRECTV, and former Chief Executive Officer of PepsiCo International and Vice Chairman of PepsiCo Inc., to Trian’s team of Advisory Partners. White joins Trian’s other Advisory Partners, William R. Johnson, Dennis M. Kass and Dennis Reilley, in providing support to Trian in various ways, including by identifying potential investment opportunities, assisting with due diligence, formulating strategic and operating initiatives for the companies in which Trian invests, and engaging with public company management teams, Boards of Directors, shareholders, and external advisors.

Nelson Peltz, Peter May and Ed Garden, Trian’s Founding Partners, said, “We are thrilled to welcome Mike White to Trian. His proven leadership skills and deep operational, strategic and financial expertise will greatly benefit our investors and the stakeholders of the public companies in which we invest. We are confident that Mike will further strengthen the strong foundation that has been put in place by our three founding Advisory Partners to support our investment professionals in all aspects of our investment process. We look forward to leveraging Mike’s broad experience across a wide range of industries to further grow the value of the Trian franchise.”

Mike White commented: “Trian has an excellent reputation among institutional investors for identifying value and working with boards, management teams and their advisors to improve long term earnings power and strategic focus. Trian’s white papers are very comprehensive and well researched. I like Trian’s ‘roll up the sleeves’ approach to investing and engagement. I am excited to join the Trian team.”

Since January 2015, Trian’s Advisory Partners have played an important role in assisting with the Trian investment process and serving on boards of companies in which it invests. William R. Johnson joined the Board of PepsiCo Inc. in March 2015 and Dennis Kass was elected to the Board of The Wendy’s Company in December 2015. Mr. Kass also continues to serve as a director at Legg Mason, Inc., where Trian is the largest shareholder.

Michael D. White Biography*

Michael D. White is the former Chairman, President and Chief Executive Officer of DIRECTV, one of the world’s leading providers of digital television entertainment services which was acquired by AT&T in 2015.

Before joining DIRECTV in 2010, Mr. White led PepsiCo International as Chief Executive Officer and as Vice Chairman of PepsiCo from 2003 to 2009. Prior to that role, Mr. White served as President and Chief Executive Officer of Frito-Lay’s Europe, Africa and Middle East division. Among his other earlier positions with PepsiCo, which he joined in 1990, were Senior Vice President and Chief Financial Officer for PepsiCo, Inc.; Executive Vice President and Chief Financial Officer for Pepsi-Cola Company worldwide; and Executive Vice President and Chief Financial Officer of Frito-Lay International.

Before joining PepsiCo, Mr. White was Senior Vice President and General Manager for Avon Products, Inc. He also worked as a management consultant for Bain & Company and Arthur Andersen & Co.

He holds a master's degree in international relations from Johns Hopkins University and a bachelor's degree from Boston College. Mr. White currently serves as a director of Whirlpool Corporation and Kimberly-Clark Corporation.

About Trian Fund Management, L.P.

Founded in 2005 by Nelson Peltz, Peter May and Ed Garden, Trian seeks to invest in high quality but undervalued and under-performing public companies and to work constructively with the management and boards of those companies to significantly enhance shareholder value for all shareholders through a combination of improved operational execution, strategic re-direction, more efficient capital allocation and increased focus.

Note:

*Affiliations listed for identification purposes only. Trian’s Advisory Partners will not advise clients of Trian, including funds, or other investment vehicles or accounts managed by Trian as to the value of securities or as to the advisability of investing in, purchasing or selling securities, provide investment or securities recommendations or make investment decisions for funds or other investment vehicles or accounts managed by Trian.

Disclaimers/Disclosures

The views expressed in this press release represent the opinions of Trian Fund Management, L.P. (“Trian”) and the funds it manages (collectively, “Trian Partners”). This press release is provided merely as information and is not intended to be, nor should it be construed as, an offer to sell or a solicitation of an offer to buy any securities in any fund or other investment vehicle managed by Trian. This press release does not recommend the purchase or sale of any security.

This press release contains forward-looking statements. All statements contained in this press release that are not clearly historical in nature or that necessarily depend on future events are forward-looking, and the words “anticipate,” “believe,” “expect,” “potential,” “opportunity,” “estimate,” “plan,” and similar expressions are generally intended to identify forward-looking statements. The projected results and statements contained in this press release that are not historical facts are based on current expectations, speak only as of the date of this press release and involve risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such projected results and statements. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of Trian Partners. Although Trian Partners believes that the assumptions underlying the projected results or forward-looking statements are reasonable as of the date of this press release, any of the assumptions could be inaccurate and therefore, there can be no assurance that the projected results or forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the projected results and forward-looking statements included in this press release, the inclusion of such information should not be regarded as a representation as to future results or that the objectives and strategic initiatives expressed or implied by such projected results and forward-looking statements will be achieved. Trian Partners will not undertake and specifically declines any obligation to disclose the results of any revisions that may be made to any projected results or forward-looking statements in this press release to reflect events or circumstances after the date of such projected results or statements or to reflect the occurrence of anticipated or unanticipated events.

Contacts

Media:
Trian Fund Management, L.P.
Anne A. Tarbell, 212-451-3030
Head of Communications
atarbell@trianpartners.com

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