By Josh Beckerman

Legg Mason Inc. (LM) confirmed that it reached an agreement with Trian Fund Management LP on the composition of its board, naming Nelson Peltz and Ed Garden as directors.

The Wall Street Journal reported Friday that Legg Mason and Trian were near an agreement.

Trian owns about a 4.5% Legg Mason stake.

The money manager said Trian also will identify a third independent director candidate who, following board approval, will be included as a Legg Mason nominee.

Mr. Garden is stepping down from the board of Bank of New York Mellon Corp. (BK).

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

May 20, 2019 18:06 ET (22:06 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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