A previous report incorrectly named the Trian representative that resigned from Pentair's board. It has been corrected.
Pentair PLC PNR, -1.84% disclosed Tuesday that Matthew Peltz of the hedge fund Trian Fund Management LP has resigned from the industrial manufacturer's board, as of Sept. 10. Peltz became a director in April 2018, which was when the company completed the spinoff of its electrical business, nVent Electric PLC, to its shareholders. Trian said it believes Pentair is "well positioned to succeed as a pure play water company" following the nVent spinoff, and believes it is "the appropriate time for Mr. Peltz to step off the Pentair board to devote more time to current and future board positions" and his commitments to Trian. Pentair's stock, which was still inactive in premarket trade, has lost 8.1% year to date, while the SPDR Industrial Select Sector ETF XLI, -0.03% has gained 3.1% and the S&P 500 SPX, +0.37% has tacked on 7.6%.
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