Nelson Peltz’s activist fund, Trian Partners, has secured a board seat at Rentokil Initial, just two weeks after the pest control giant saw its stock plummet to a multi-year low following a profit warning related to its North American business, according to. Report by MarketWatch.

Rentokil Initial, which owns Terminix, has confirmed that Trian partner Brian Baldwin will join its board of directors starting 1 October. This move comes after Trian confirmed in June that it had acquired a "significant position" in the British pest control company.

Shares of Rentokil Initial (LSE: RTO) gained 5% on Wednesday but have declined by 36% over the past year following several profit warnings tied to a slowdown in its North American operations.

Baldwin, who has been with Trian Partners since 2007, previously served as an analyst at Merrill Lynch Global Private Equity and is a graduate of The Wharton School.

Rentokil’s chairman, Richard Solomons, welcomed Baldwin’s appointment and stated that the board is now focused on integrating the Terminix business and boosting organic growth in its North American operations.

Rentokil, headquartered in Crawley, UK, became the world’s largest pest control company after acquiring Memphis-based Terminix International for £4.5 billion ($6 billion) in October 2022. However, a slowdown in the US economy led to a profit warning in October 2023, reflecting concerns about falling sales in its North American business, which triggered a more than 20% drop in Rentokil’s share price.

Earlier this month, Rentokil shares fell an additional 18% after the company warned it could see an additional $80m hit to its full-year profits due to continued challenges in North America.

Trian Partners, known for its successful activist campaigns against major corporations including Heinz, DuPont, and Disney, subsequently increased its stake in Rentokil Initial to approximately 2.26% as of June 2024.