Investor Nelson Peltz sold 1.6 million shares in H.J. Heinz Co. (HNZ), reducing his stake by about one third. He now holds about 1% of the company's shares.

Peltz has sold shares worth $75.9 million since Friday, Dow Jones Newswires reported.

In 2006, Peltz successfully fought to get two directors on to the Heinz board as he tried to get the company to improve results.

Heinz reported a 13% rise in fiscal first quarter earnings earlier this month. The company's volumes rose in North America, but grocery store discounts squeezed margins.