Jewelry maker Tiffany & Co. shareholders on Thursday elected Peter May, a founding partner of investment firm Trian Partners, and a banking executive to its board of directors.
May, 65, is president and founding partner of Trian Partners. May and Trian partner Nelson Peltz are known for agitating for change at companies they partly own, including Wendy's International Inc., Cadbury Schweppes PLC and H.J. Heinz Co.
Trian owns about 8 percent, or 10.7 million shares, of New York-based Tiffany.
Lawrence K. Fish, 63, was also elected to the board. He is chairman of Royal Bank of Scotland American and chairman of Citizens Financial Group Inc.
They replace William R. Chaney, who is retiring, and James E. Quinn, who continues to serve as Tiffany president.
They were elected during Tiffany's annual shareholder meeting. Shareholders also approved appointing PricewaterhouseCoopers LLP as independent registered public accounting firm. and approved the 2008 directors equity compensation plan.
Shares rose $3.03, or 6.6 percent, to close at $48.88.
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