Nelson Peltz Elected to Legg Mason (LM) Board As Part of an Agreement
Legg Mason, Inc. (NYSE: LM) elected activist investor Nelson Peltz of Trian Fund Management to its Board of Directors, expanding the Board to 14 members.
The addition of Mr. Peltz to the Board reflects an agreement between Legg Mason and Trian Fund Management, L.P., certain funds managed by it and certain of its affiliates. Trian Partners owns 6,946,756 shares, or approximately 4.3% of Legg Mason's outstanding common stock.
In addition, pursuant to the agreement, Trian Partners has agreed to vote its shares in favor of Legg Mason's director nominees as provided in the agreement and made certain other commitments.
Mr. Peltz commented, "Over the past several months, my colleagues and I have been engaged in constructive dialogue with Mark Fetting and other members of the Legg Mason management team. We share their view that Legg Mason's recent strategic initiatives are improving the Company's operating performance and I look forward to contributing as a Board member and working with the management team and the Board to help this great company achieve its full potential."
The addition of Mr. Peltz to the Board reflects an agreement between Legg Mason and Trian Fund Management, L.P., certain funds managed by it and certain of its affiliates. Trian Partners owns 6,946,756 shares, or approximately 4.3% of Legg Mason's outstanding common stock.
In addition, pursuant to the agreement, Trian Partners has agreed to vote its shares in favor of Legg Mason's director nominees as provided in the agreement and made certain other commitments.
Mr. Peltz commented, "Over the past several months, my colleagues and I have been engaged in constructive dialogue with Mark Fetting and other members of the Legg Mason management team. We share their view that Legg Mason's recent strategic initiatives are improving the Company's operating performance and I look forward to contributing as a Board member and working with the management team and the Board to help this great company achieve its full potential."
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