Serving the CEO: The board can and should take items off the CEO’s plate.

Irene Rosenfeld said in 2015 that, as CEO of the global snack maker Kraft/Mondelez, she spent a quarter of her time dealing with activist investors Nelson Peltz and William Ackman.

The relationships were contentious, particularly with Peltz, according to various reports. Rosenfeld ultimately encouraged his appointment to the board of directors in 2014 to avoid a proxy fight. As a member of the board, Peltz said he would support a turnaround plan developed by Rosenfeld. Rosenfeld retired in 2018, and Mondelez stock rose 50% in her last five years at the helm. Peltz also stepped down from the board that year.

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