Beer magnate Pete Coors has been ousted from the board of ketchup maker H.J. Heinz Corp., according to preliminary proxy vote results announced today.
Coors, the former chairman and chief executive of Coors Brewing Co., was among five Heinz board members targeted for removal in a proxy battle led by Nelson Peltz, who holds 5.5 percent of stock in Pittsburgh-based Heinz.
Coors and board member Mary C. Choksi will be replaced by Peltz and Michael F. Weinstein. Weinstein, Chairman of INOV8 Beverage Company LLC, was one of five board nominees put forth by Peltz’s investment firm, the Trian Group.
A spokeswoman for Coors did not immediately return a message.
“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.
