By Katherine Hamilton

Nelson Peltz's Trian Fund Management is urging Solventum to simplify its business and change its leadership team amid investor concerns about its performance.

Trian said in an open letter Thursday that the healthcare-products company has not performed well since its spinoff from 3M because of mismanagement.

The investment-management firm, which owns nearly 5% of Solventum, urged the company to divest from its noncore businesses, such as its health-information-systems branch. Trian also wants to see a reduction of costs and a prioritization of share buybacks, as the investor critiqued Solventum for prioritizing executive pay over shareholder returns.

"We have given the company plenty of time to announce what we believe are obvious value creation initiatives, but our patience has run out," Trian said in its letter.

Trian said large shareholders have expressed frustration over Solventum's current position.

Solventum's spinoff from 3M in 2024 resulted in a lower market capitalization and trading price than what analysts had expected, Trian said. Trian said it doesn't think the company's leadership has done enough since then to restore performance.

Trian said it has suggested adding one of its employees to the board along with a third-party representative from a Fortune 100 company. Solventum's board declined both suggestions, Trian said.

Trian, which manages billions in assets, is also currently working with General Catalyst to acquire fund manager Janus Henderson.

Write to Katherine Hamilton at katherine.hamilton@wsj.com

(END) Dow Jones Newswires

April 30, 2026 14:06 ET (18:06 GMT)

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