NEW YORK (AP) — Activist investor Nelson Peltz is taking a seat on the board at Ingersoll-Rand, less than four months after announcing a huge stake in the industrial conglomerate.
Earlier this month, Ingersoll-Rand asked Peltz's Trian Fund Management to present strategic proposals at the company's regular board meeting.
Peltz brings Ingersoll-Rand's board to 12 members, 11 of which are independent directors. Peltz will also be part of the corporate governance and nominating committee and the finance committee, Ingersoll-Rand said Monday.
Ingersoll-Rand, based in Sword, Ireland, expects to complete its review of Trian's proposals by the end of the year.
In May Trian announced that it had taken a 7.3 percent stake in Ingersoll-Rand, making it one of the company's biggest shareholders. Ingersoll-Rand makes air conditioning systems, security systems, locks and other products.