Who

A legendary corporate raider and activist investor, Peltz is the colorful billionaire who presides over the leveraged buyout vehicle Triarc and the hedge fund Trian.

Backstory

Brooklyn-born Peltz is that rarest of creatures: a dropout from the Wharton School. No matter: He did it to run his family's Brooklyn-based frozen-food business, which he later sold for an $8 million profit. After hooking up with junk bond king Michael Milken in the 1980s, Peltz turned the company Triangle Industries into the biggest packaging company in the world thanks to the acquisitions of National Can Co. and American Can, collecting an $830 million windfall in the process. He may be best known, though, for acquiring Snapple from Quaker Oats for $300 million in the 1990s and reviving the moribund brand, before unloading it three years later to Cadbury Schweppes for $1.45 billion. These days Peltz does his work through two related companies: Triarc and Trian. (The names are derived from his first big deal, Triangle.) Triarc, which is publicly traded, owns fast food chain Arby's and an asset-management company called Deerfield Capital. Trian is a hedge fund operated by Peltz's son-in-law Ed Garden.

Of note

A corporate raider in the same mold as Carl Icahn and Ron Perelman back when it was in vogue—Peltz makes numerous appearances in Connie Bruck's 1988 bestseller, The Predators' Ball—the Brooklyn native has felt the winds of change and is now a self-styled "activist" investor. In 2006, Peltz took aim at Heinz and engaged in a high-profile proxy fight for control of the company. After acquiring just over 5 percent of the company, he sought to oust five board members and replace them with Triarc executives. (Among his complaints about Heinz: its "hard-to-open ketchup packets.") The fight turned ugly with Peltz and Heinz CEO William Johnson sparring publicly via filings with the SEC; in the end Peltz got two spots on the board and pushed the company to cut 8 percent of its staff and raise its dividend. In March 2007, Peltz took a 3 percent stake in Cadbury Schweppes, with the apparent intention of breaking the business in two. Less than 48 hours later, Cadbury announced plans to split its U.S.-based drinks business from its mainstream confectionery business. (The deal was approved by shareholders in early 2008.) These days Peltz is pushing for change at Tiffany & Co. and Kraft. He was also behind a high-profile battle to merge Arby's and Wendy's, and got his wish in April 2008 when Wendy's board approved a $2.4 billion merger.

Keeping score

Forbes estimated Peltz's net worth at $1.3 billion in 2008.

Controversy

Of course it hasn't been all roses for Peltz. The sale of the packaging business led to an investor lawsuit in 1988 and Peltz settled for $75 million without admitting wrongdoing. In 1991, Peltz and longtime partner Peter May were censured by the London Stock Exchange over their involvement with a collapsed British real concern.

Personal

The silver-haired Peltz has 10 children, eight of whom come from his third wife, Claudia, a former Ford model. In his more youthful days, Peltz was something of a player: He reportedly dated actress Victoria Principal and '60s sexpot Diana Rigg and was also known for hosting topless tennis tournaments on his estate. (As he classily told a reporter, "In the '70s, I did women. That's better than doing guys.") In case you're wondering, WNBC reporter Perri Peltz is his niece. She's the daughter of Robert Peltz, Nelson's brother.

Habitat

Peltz and family live on a sprawling 130-acre Bedford estate called High Winds. The former home of Reader's Digest co-founder DeWitt Wallace, it features a 27-room mansion, lake, waterfall, and indoor hockey rink with a Zamboni. If you should be lucky to get an invite and you're not sure you've arrived at the right manse, just look for the flock of albino peacocks that grace the grounds. In 1997, Peltz paid $20 million to expand his property, picking up the 22,000-square-foot red brick Georgian next door from Tommy Mottola, which featured a recording studio, ballroom, and indoor shooting range. Alas, Peltz wasn't destined to own a shooting range and an indoor skating rink—Mottola's home burned to the ground during construction in 1999.

In addition to the Bedford home and an apartment in Paris, Peltz also owns a 15-acre spread in Palm Beach named Montsorrel, or "mountain of sorrows." The French Regency-style main house is 44,000-square-feet and was constructed with a lead foundation to keep out moisture from the ocean; the property also features a 16,000-square-foot guest house, pool, tennis court, and an orchid greenhouse. Naturally, all three homes showcase his collection of French Empire antiques and museum-quality Impressionist paintings.

Toys

After tangling with local authorities, Peltz gave up the helicopter he kept stationed at his Westchester estate. (Peltz used to use the six-seat Sikorsky to commute into the city, but residents of Bedford complained about the noise.) He still owns a blue-striped Boeing 727 jet as well as a matching Gulfstream. He keeps both at Westchester County Airport.

No joke

Who says you have to be good at math to do well in finance? Peltz earned an F in ninth grade math, a C in algebra, and an F in geometry.