Most recently, the board of E.I. DuPont de Nemours, a leading U.S. chemicals and materials conglomerate, was targeted by activist investor Nelson Peltz of Trian Management. In mid-May, Trian challenged Dupont's board and, after settlement negotiations failed, the hedge fund began an aggressive proxy campaign against the company. Trian nominated four directors to the board and criticized Dupont's current management for alleged inefficiencies which held DuPont back from its growth potential. DuPont vehemently defended the company's productivity and growth-focused initiatives and investment management. It also, among other things, added two new well-regarded directors to its board. DuPont reportedly spent $15 million on its shareholder campaign. Although Trian was one of DuPont's largest shareholders, with almost $2 billion worth of shares in the company, it owned less than 3% of DuPont's outstanding shares and therefore needed the support of DuPont's other shareholders to make its campaign a success.