FILE PHOTO: Hedge fund manager Daniel Loeb speaks during a Reuters Newsmaker event in Manhattan, New York, U.S., September 21, 2016. REUTERS/Andrew Kelly/File Photo
July 1, 2018
BOSTON (Reuters) – Billionaire investor Daniel Loeb on Sunday urged Nestle <NESN.S> to split itself into three divisions, telling the Swiss group’s board that it needs to be “sharper,” “bolder,” and “faster” in overhauling the company.
Loeb, whose hedge fund Third Point has invested more than $3 billion in Nestle, said in a letter to the board that the company should divide itself internally into three units – beverages, nutrition and grocery in order to help “simplify its overly complex organizational structure.”
“This is a call for urgency – rather than incrementalism,” Loeb wrote in the letter, which was seen by Reuters.
(Reporting by Svea Herbst-Bayliss; Editing by Paul Simao)
