Trian Partners’ Baldwin Appointed to Rentokil Initial’s Board

LONDON - Brian Baldwin, head of research at Nelson Peltz’s Trian Partners, has taken a seat on Rentokil Initial’s board.

As noted in a Rentokil Initial press release, Baldwin will take up a seat on its board of directors as a non-executive director, starting on Oct. 1. He also will become a member of the Nomination Committee and Remuneration Committee from this date.

© credit: Trian Partners

Baldwin has been a Trian Partner since 2013 and a member of Trian’s Investment Team since 2007. He has played leadership roles in many of Trian’s investments. Baldwin said in a press release he welcomes the the opportunity to join the Rentokil Initial Board of Directors. “Trian believes Rentokil has significant potential and runway for growth that can be achieved by leveraging its strong brands and market leading positions, particularly in the US. I look forward to working with management and the Board to identify options to help drive long-term value that will benefit all stakeholders.”

Richard Solomons, chairman of Rentokil Initial, said, "We are delighted to welcome Brian to the Board of Rentokil Initial and we look forward to working with him to deliver long-term sustainable value for our shareholders and, in particular, executing our plans to integrate the Terminix business and to increase organic growth in our North America operations. We continue to work towards the substantial structural growth opportunities for our pest control business, enhanced by the benefits of the Terminix transaction.”

In June, Trian Fund Management  acquired a “significant claim” in Rentokil Initial. Paul Giannamore, managing director of Potomac Company, said at the time it was “very likely that Trian Partners would push for a seat on the Rentokil Board of Directors where they can more directly communicate with Rentokil Initial shareholders and influence change.”

The announcement of the appointment of Baldwin to the Rentokil Initial Board comes two weeks after Rentokil Initial shares plummeted by more than 18 percent on warnings that a slowdown in its North American business would lead to a fall in profits.