Beer magnate Pete Coors has been ousted from the board of ketchup maker H.J. Heinz Corp. after a proxy battle led by billionaire investor Nelson Peltz.
Coors, former chairman and chief executive of Coors Brewing Co., was among five Heinz board members targeted for removal by Peltz’s firm, the Train Group, which holds 5.5 percent of Heinz stock.
The firm sought to replace the five with Peltz and four other nominees, including golfer Greg Norman.
Preliminary results released by Heinz on Friday showed Coors and board member Mary Choks were not re-elected. They will be replaced by Peltz and Michael Weinstein, chairman of INOV8 Beverage Co. LLC.
A spokeswoman for Coors did not return messages Friday.
“This is a big victory for all Heinz shareholders,” the Train Group said in a statement issued Friday. “There is clearly a desire for positive change at Heinz, and we are gratified by the apparent election of Nelson Peltz and Michael F. Weinstein to the board, and the mandate shareholders have given us to help reinvigorate Heinz and unlock the full value of its iconic brands.”
Train spokeswoman Anne Tarbell declined to comment further.
“We are confident that the board of directors will support the company’s plan to enhance shareholder value and drive our business momentum,” Heinz spokesman Michael Mullen said in an e-mail statement.
Staff writer Kristi Arellano can be reached at 303-954-1902 or karellano@denverpost.com.
