Legg Mason names Nelson Peltz, Ed Garden to board of directors
Legg Mason announced that it has increased the size of its Board of Directors from 10 to 12 members and has appointed Nelson Peltz and Ed Garden of Trian Fund Management to the company's Board of Directors, effective immediately. Peltz is CEO and a Founding Partner and Garden is Chief Investment Officer and a Founding Partner of Trian Partners. Trian Partners currently beneficially owns approximately 4.5% of Legg Mason's outstanding common stock. Trian will also identify a third independent director candidate who, following Board approval, will be included as a director nominee on the slate of nominees recommended by the Board in the proxy statement for its upcoming Annual Meeting. Additionally, as part of its refreshment process, the Board will appoint or nominate for election at least two additional independent candidates at or in connection with the 2019 Annual Meeting of Stockholders. The three new independent directors will replace three incumbent directors, two of whom have reached the company's retirement age guidelines.