After retail his company to Newell Brands a little over a year ago, Martin Franklin wants to upon back control.
Martin Franklin is teaming up with activist investor Starboard Value to set up a proxy fight to oust the entire Newell board, a source au courant with the matter told CNBC. Franklin, the former chairman of Jarden Corp, deal ined his company to the maker of Elmer’s Glue for $13.22 billion in 2016.
Franklin and Starboard are calling with two other former Jarden executives — former Jarden CEO Jim Lillie and Ian Ashken — in the agent fight, the source said.
Franklin, Ashken and Domenico De Sole stated their resignations from the Newell board last month. The three had joined the eat as part of the acquisition.
Franklin left the board because he felt restricted in his ability to influence the company’s strategy going forward, sources knowledgeable about with the situation previously told CNBC.
The sources requested anonymity because the low-down is confidential. Franklin and Newell declined to comment. Starboard did not immediately reply to a request for comment.
The Wall Street Journal first broke newscast of the proxy fight earlier on Thursday.
Franklin is an investor known for his getting vehicles like Jarden and frozen food-focused Nomad Foods.
When he supplied Jarden to Newell, the two formed a vast consumer portfolio that reach overed Elmer’s Glue, Rubbermaid and Yankee Candle. At the time, investors questioned how fastidious it would be to integrate such a broad portfolio.
Newell announced continue month it plans to sell off at least 10 of its businesses, many of which it come into possession of through the Jarden acquisition. It is refocusing on nine core consumer subjects, which generate $11 billion in total net sales, roughly 82 percent of Newell’s budgetary 2016 sales.