ST. LOUIS — Ralcorp Holdings has named Keith Meister, the founder and managing partner of Corvex Management LP, to its board of directors, effective immediately. In addition, Meister will join the strategy and financial oversight committee which is charged by the board of directors with the evaluation of strategic opportunities to drive shareholder value.
"Ralcorp has a proven track record of generating long-term shareholder value, and our board remains committed to doing so in the future," said J. Patrick Mulcahy, Ralcorp's chairman of the board. "We have engaged in a series of productive discussions with Keith about our business and our growth prospects and are happy to welcome him to the board."
Meister was named to the board as part of an agreement between Ralcorp and Corvex. Under this deal, Corvex owns 2,914,996 shares of Ralcorp's common stock, representing approximately 5.3% of Ralcorp's outstanding shares.
Meister, 39, has been managing partner of Corvex Management LP since December 2010. From August 2003 until August 2010, he served as vice chairman of the Board of Icahn Enterprises G.P. Inc., the general partner of Icahn Enterprises L.P. From August 2003 through March 2006, he also served as CEO of Icahn Enterprises G.P. Inc. and from March 2006 until August 2010, Meister served as principal executive officer of Icahn Enterprises G.P. Inc.