The chairman of Rentokil Initial, the FTSE 100 firm that catches rats and destroys termites, says he is “delighted to welcome” a representative of Nelson Peltz’s Trian Partners on to the board.
What Richard Solomons means, one suspects, is that Rentokil’s standing is so low after a thumping profits warning a fortnight ago that it would be pointless to resist a request for a seat. Never mind that Trian’s stake is only 2.26%, and never mind that Peltz, famed for adventures at Heinz, Procter & Gamble, Unilever, Disney and more, operates at the aggressive end of the activist investing spectrum. Better to have a shareholder pest on the inside.
